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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