Latest news with #JoeSaddi
The 961
7 hours ago
- Business
- The 961
Lebanon Might Be Getting Electricity From Cyprus
President Joseph Aoun met with Energy Minister Joe Saddi to discuss a Cypriot offer to install a submarine cable that would deliver electricity straight from Cyprus to Lebanon The plan comes as the Lebanese Energy Ministry continues efforts to secure more stable power across the country. The project, if approved, could mark a major step toward addressing Lebanon's chronic power shortages and reducing its dependency on local fuel-based electricity generation. Electricity in Cyprus costs about the same; however, this would mean Lebanon getting a cleaner and more reliable supply. This supply source will weaken the local generator 'mafias' that have monopolized the secondary electricity market, providing an incentive for those in power to avoid finding a solution. More importantly, it reduces the load on the local generators, effectively outsourcing our population.
L'Orient-Le Jour
2 days ago
- Business
- L'Orient-Le Jour
Energy minister wants illegal artesian wells listed in Lebanese land registry
Energy and Water Minister Joe Saddi sent a letter to the Finance Ministry requesting that artesian wells built in Lebanon be registered in the country's land registry, specifying that this request is "part of the fight against illegal wells," according to a statement. In his letter, the minister included a detailed list of "2,503 violating wells across Lebanese territory," along with a table listing "the official reports filed." The minister also contacted the Ministry of Interior and Municipalities to provide the necessary instructions to halt the operation of these illegal wells. According to experts, Lebanon had about 50,000 wells between 2009 and 2012, 80 percent of which were illegal.
Tayyar.org
22-06-2025
- Politics
- Tayyar.org
Nada Boustany to Joe Saddi: Don't evade confrontation—open all the files, from steamships to dams and more
Former Minister of Energy and MP Nada Boustany responded to recent remarks made by current Energy Minister Joe Saddi, stating the following: First, it took you four months just to receive your files, and yet you claim that no power plant has been operational since 2010. Please update your information: the new Zouk and Jiyeh plants were added to the grid in 2017, and they are currently the most cost-efficient in operation. Second, instead of sidestepping confrontation, open all the files—from steamships to dams and beyond. You should have addressed the real cost burden on Lebanese citizens from private generators and compared that to the cost of steamships. If you're interested in reviewing the numbers, we're ready to share the detailed files. Third, were you unaware that the IFC and World Bank were the ones who prepared the term sheet? Your comment about needing them to 'accompany the tender' falls flat, especially considering that the BOT term sheets have been ready for some time now. Your Excellency, if you wish to speak about your accomplishments in public, at least base them on facts. In short, we heard nothing new, just the same old political rhetoric.
Qatar Tribune
17-06-2025
- Business
- Qatar Tribune
Lebanon's energy sector on the cusp of transformation, says minister Joe Sadd
Tribune News Network Doha Lebanon's new Minister of Energy and Water, Joe Saddi, outlined steps on how to rebuild his country's faltering economy and energy industry during a candid and forward-looking conversation in the latest episode of the Al-Attiyah Foundation podcast. In a wide-ranging interview,Saddi, a former Chair of Strategy & Middle East and a veteran of major regional privatisation efforts, outlined Lebanon's pressing energy challenges and the ambitious steps being taken to rebuild a fractured system. Speaking with host Nawied Jabarkhyl, the minister emphasised the need for institutional reform, transparency, and private-sector engagement to unlock investment and stabilise electricity supply. 'Lebanon has endured one of the most severe peacetime economic crises globally,'Saddi said. 'But for the first time since 2019, we have a glimmer of hope. There's a path, a tough path, but nevertheless there is path that if we follow, we should be able to get through the thick of it.'At the heart of this transformation is the country's electricity sector, which has long suffered from decades of underinvestment, regulatory stagnation, and chronic described the absence of new power plant development over the last 15 years as a critical failure, compounded by ineffective governance. 'Tens of billions of dollars were spent without a single new plant being built,' he stated. To rebuild credibility,Saddi is reviving long-dormant legislation, most notably Law 462, passed in 2002 but never implemented. This law calls for the unbundling of generation, transmission, and distribution, and the creation of an independent Electricity Regulatory Authority. He has prioritised the Authority's establishment, receiving over 340 applications for its five positions in a matter of weeks signaling renewed public trust in energy sector reform. The minister also spoke of major infrastructure upgrades, including the construction of at least one new power plant and modernisation of the national transmission grid, envisioning financing these initiatives through international and domestic private partnerships. Renewables are also central to Lebanon's energy highlighted the untapped potential of solar energy and the pivotal role of regulatory reform in enabling utility-scale projects. 'The next step is scaling up with large, grid-integrated projects,' he said. Natural gas will also play a critical role in the energy transition. He confirmed efforts to secure floating storage and regasification units (FSRUs) and re-engage with regional pipeline infrastructure, while continuing exploration partnerships with companies such as TotalEnergies and QatarEnergy. Asked why investors should place faith in Lebanon now,Saddi pointed to a change in mindset: 'Lebanon is back in a sense. The trust in the current government is the highest that it has been for the last 30 or 40 years in Lebanon. The wave of reform that is coming is inescapable; there is no other path that is open to the Lebanese. One of the first things I said when I took this role is that politics must be removed from the electricity sector which has been plagued be political dealings.'
LBCI
06-06-2025
- Business
- LBCI
Lebanese Energy Minister refutes predecessor's claims over Iraqi oil deal
Lebanese Energy Minister Joe Saddi issued a strongly worded statement on Friday, rejecting what he described as "a series of inaccuracies" made by former Minister Walid Fayad regarding the Iraqi oil agreement. He accused Fayad of misleading the public over financial and procedural matters. The statement, released by Saddi's media office, emphasized that successive energy ministers have been importing fuel from Iraq since 2021, with only the first contract officially ratified by Parliament. The second and third contracts, though approved by the Cabinet, remain unendorsed by lawmakers. Saddi also clarified that the fourth contract, at the center of the latest dispute, had its tendering process initiated by Fayad before the deal was signed. According to the statement, Fayad awarded the initial bid to a company he referenced in recent remarks. While Saddi confirmed that he had finalized the contract, he stated that this was done strictly in accordance with the principle of maintaining continuity of public services without launching a new tender or incurring further obligations outside of the existing framework. He insisted that no new financial burden was imposed on Lebanese taxpayers before receiving parliamentary approval, countering Fayad's assertions. The statement added that both Finance Minister Yassine Jaber and Minister Saddi informed Parliament about the status of the contract during the latest joint committee session. On the financial front, Saddi challenged Fayad's claim that the agreement amounted to just $600 million, stating the actual value was approximately $1.28 billion, with $753 million already due and the remaining balance to mature through the next year. "In the end, every official owes it to the Lebanese people to speak with honesty and transparency," the statement concluded.
