IPT, Total launch logistics company. Import, storage, fleet to be shared

Issa Petrol Trade (IPT) and Total Liban jointly formed Fuel Logistics, a company specialized in the provision of logistics services and the supply of petroleum products.

The new company will import around 900,000 tons of fuel per year, which is one third of the market's demand, according to Total.

Previously, IPT and Total Liban intermittently imported fuel on a yearly contractual basis. Toni Issa, Vice-Chairman of IPT said: "We are going to work together to strengthen our capacit...

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Régie to make cigarettes for British American Tobacco. In negotiations to export international brands

Régie Libanaise des Tabacs et Tombacs (Régie) has signed an agreement with British American Tobacco (BAT) to manufacture Kent and Viceroy cigarettes in its plants.

Régie will produce 4,000 containers of cigarettes (comprising 500 cigarette packs per container) per month for BAT, according to George Hobeika, Secretary General of Régie.

BAT will supply tobacco and other materials, and manufacturing will be under its technical supervision. A pack of locally...

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Up to $3 billion in new Eurobonds. Preparation underway with local and international banks

The government is preparing to issue Eurobonds worth $2.5 billion to $3 billion on May 20, said Minister of Finance Ali Hassan Khalil.

Khalil said the ministry is preparing for the new issue with local and international banks, according to Reuters.

"It is a regular issue according to plan and to the public debt strategy set by us and the Central Bank," he said.

Outstanding Eurobonds stood at nearly $31 billion at the end of 2018, according to the Ministry of Financ...

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Airport expansion operational in June. To add capacity by two million passengers

Works on an $18 million urgent expansion of Beirut Rafic Hariri International Airport (BRHIA) will be completed in June, said Raya Al Hassan, Interior Minister.

The expansion of the terminal will add capacity by two million passengers to reach eight million.

It also includes raising the number of passport check counters from 22 to 34. A fast-track passageway is being developed for first-class passengers, which will allow them to leave or enter the airport faster. Baggage conveyors,...

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Smart ESA to launch fintech and B2B accelerator. First program to benefit from Central Bank’s Circular 331

ESA Business School's incubator and accelerator, Smart ESA, plans to launch before the end of 2019 an acceleration program that will mainly focus on financial technology (fintech) and business-to-business (B2B) solutions, said Jihad Bitar, Director of Smart ESA.

This will be ESA's first acceleration program to benefit from the Circular 331 of the Central Bank (BDL). The university has so far been tapping its own financial resources.

Smart ESA will inject cash in early-stage startup...

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Customs to hold ‘largest public auction’.

The Directorate General of Customs announced that it will hold the "largest public auction" to sell off abandoned and impounded merchandise. The auction will be held on April 25 at Port of Beirut.

Items include used and new vehicles, furniture, electric equipment and electronics, toys, office equipment, construction material, and clothing.

This merchandise had been stopped at the port for many reasons: Papers were not complete, or the importer could not pay financial obligations, ...

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Akkar commercial center targeting interest in Syria. $40 million invested in 50,000 m2 project

Bodon Group, a major developer in the North, has re-launched construction into North Gate Akkar, a commercial project that targets companies interested in the reconstruction of Syria.

The group is owned and chaired by Abdul Rahim el Bodon, the developer of Lebanon Medical City in Akkar and several residential projects in Tripoli.

North Gate Akkar is composed of 13 buildings, consisting of 80 offices, 100 retail shops and showrooms, and a 3,200 square meter (m2) hypermarket. The ...

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Hospitality gets large investments. Projects include restaurant clusters, hotels, and beach and mountain resorts

Investments in new hospitality projects abound, as several beach and mountain resorts, restaurant clusters and beverage chains are expected to open in the coming two years, according to the April issue of Lebanon Opportunities.

Investors are looking at urban areas that have a large enough population and adequate infrastructure in place. They are eager to open their projects in Beirut as well as in the other areas in the country.

Several beach resorts are expected to open in the c...

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Tripartite summit with Cyprus, Greece. Agreements in tourism, oil and gas

The Foreign and Tourism Ministers of Lebanon, Cyprus, and Greece held a tripartite summit in Beirut on Thursday. The meetings resulted in agreements in the fields of tourism and oil and gas.
An agreement was signed to enhance cooperation in tourism among countries on the Phoenicians' Route.
"We are working with Cyprus and Lebanon to create touristic packages for tourists who wish to visit the three countries," said Greek Foreign Minister Georgios Katrougalos.
The Phoenicians' Route ref...

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Cabinet approves nationwide electricity plan. Power plants will be established according to ‘build-operate-transfer’ model

The Cabinet has approved by consensus a plan to upgrade the electricity sector by terminating its deficit, reducing waste, improving production and distribution, and raising tariffs. The plan's execution will cost $2 billion annually.

The Cabinet tasked the Ministry of Energy and Water (MoEW) to prepare terms of reference for all the tenders for upcoming power plants in collaboration with international technical and legal advisors.

Tenders will be held through the Central Inspect...

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Foreign currency debt growth twice the growth of lira debt. Outstanding Eurobonds stood at $31 billion at the end of 2018

The country's foreign currency debt grew at an accelerating rate in the last three years while the growth in lira debt slowed over the same period, according to the Ministry of Finance's 'Debt and Debt Markets' report for the fourth quarter of 2018.

Outstanding foreign currency debt increased at four percent, eight percent, and ten percent in 2016, 2017, and 2018 respectively. It reached $33.5 billion at the end of 2018.


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Private company to run Jbeil public transportation. Plans to replicate project in Metn and Kesrouan

Connex, a private transportation company operating in Beirut, is preparing to launch WeGo, a public bus service in the Jbeil caza.

Connex has rented a plot of land from the Municipality of Byblos, where it will develop the main station.

WeGo will operate seven routes within the caza, as well as one linking Byblos to Beirut. The company has already signed contracts with 30 municipalities in Jbeil.

The project is valued at $6 million. It has 90 stops and 40 buses equipped with...

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Cortas to relocate factory to Hosrayel. Food manufacturer plans to expand production

Cortas, an agro-food manufacturer, will move its factory in Dora to Hosrayel (Jbeil) by the end of the year.

The factory will have a 7,500 square meters built-up area. Investment in the Hosrayel facility is $10 million.

The facility will include production lines for tahini and halawi, orange blossom and rose water, pomegranate molasses, jams, and canned food. The factory will be environmentally friendly, with a water treatment plant.

The tahini line has a production capac...

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Cabinet approves seven industrial zones. Three international parties to finance $120 million

The Cabinet has approved a project to establish seven industrial zones across the country.

The projects, submitted by the Ministry of Industry (MoI), would establish industrial zones in Baalbek, Al Qaa, Anjar, Taanayel, Baawerta, Halba, and Koura, in cooperation between the private and public sector.

The industrial zones will be centers for modern industries that rely on technology, innovation, and for agro-food industries that have a competitive edge.

The Italian Governm...

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Second oil and gas licensing round launched. 400 km2 will require Syria border negotiations

The Cabinet has opened a second licensing round for offshore oil and gas.

It approved the Lebanese Petroleum Administration's (LPA) recommendation to open blocks one, five, eight, and ten, and added block two to them.

The licensing round will be open until January 31, 2020. "We extended the round one month compared to the first round in order to give companies time to form consortiums," said Wissam Chbat, member of the LPA.

He said that during the first round, time ran out b...

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Fight boils over Quality Inn in Tripoli. Dispute over control of the hotel

Rachid Karami International Fair (RKIF) has decided to retake control of Quality Inn Hotel in Tripoli, which is managed by Services and Development.

RKIF wanted to return the hotel to its control, because the Furnish, Operate and Transfer (F.O.T) contract with Services and Development ended in 2017, according to Akram Oueida, Chairman of RKIF. "Services and Development hasn't paid its dues since 2014, which are $3.3 million," Oueida said.

The four-star hotel, which has 112 rooms, ...

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Fintech hub to launch at Beirut Digital District. Project to provide acceleration, incubation, and investment

Startecheus FinHub, a new accelerator and incubator of financial technology (fintech) startups, plans to launch its operations in May at the Beirut Digital District (BDD), said Giovanni Khalil, Chief Marketing Officer at Startecheus.

The FinHub will be involved in information technology applied to the financial sector such blockchain, cyber security, artificial intelligence, and web and mobile digital solutions.

Startecheus will also provide venture capital investment in the startu...

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Visa offers fintechs easier services at lower cost. Deal with Beirut Digital District to boost fintech know-how

Visa Inc. will offer new financial technology companies (fintechs) the opportunity to benefit from its payment services in an easier and simple manner and at reduced cost, said Nabil Tabbara, General Manager for Levant at Visa.

Visa, an international provider of digital payment services, will provide these benefits through its Fintech Fast-Track Program which it recently launched on the local market.

The program is in line with a global trend to simplify and provide easier custome...

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Port of Beirut to become oil consortium supply base. Tender to be launched this month

Part of Port of Beirut will be made into a supply base for the consortium that will explore two of the country's offshore blocks for oil and gas, said Walid Nasr, Chairman of the Lebanese Petroleum Administration (LPA).

A tender will be launched during this month to select a service company to lease space and manage the supply base for the consortium of Total, ENI, and Novatek, which plans to begin exploration this year.

Total, the consortium's operator, will conduct the tender. "T...

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Retail sales index stable F&B sales increase 34 percent. LFA indicators show big drop in sales of cosmetics, clothing and fashion

Retail sales in 2018 were half a percent lower than their 2017 levels, according to the latest edition of Retail Activity Indicators published by the Lebanese Franchise Association (LFA), in collaboration with the Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon (CCIA-BML).

The index covers retail sales performance for nine categories of goods and services. It remained around ten percent below its 2012 base year level.

Five categories declined while four r...

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