Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
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Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)

Lebanese caretaker Energy Minister Walid Fayyad headed to Damascus on Monday for a two-day visit to discuss files mainly related to water resources.

Lebanon and Syria are bound by agreements regarding the Orontes River, which arises in eastern Lebanon, flows to Syria and continues into Türkiye. The flooding of the river last year caused major damage to the agricultural fields in Akkar, northern Lebanon.

In a statement, the Ministry of Energy said Fayyad will hold talks with Syrian Minister of Water Resources Hussein Makhlouf with whom he will co-chair a meeting of the Lebanese-Syrian Joint Committee for the Water Sector, in the presence of Secretary General of the Syrian-Lebanese Supreme Council Nasri Khoury.

The two sides will discuss periodic follow-ups of the mechanisms for implementing the Orontes River and the Nahr al-Kabir (Great River) agreements, and ways to preserve the environment of the shared basins and guarantee sustainable and fair investments.

Fayyad and his Syrian counterpart will also touch on cooperation to limit the flooding of the Nahr al-Kabir on the agricultural plains in Akkar, as well as efforts to face the problems of displacement and future projects related to sanitation and irrigation.

On the sidelines of the visit, Fayyad will meet with Syrian Oil Minister Firas Qaddour and Syrian Minister of Electricity Engineer Ghassan Al-Zamil to discuss issues of common interest, according to the ministry’s statement.

A few weeks ago, Fayyad announced his intention to visit Damascus to follow up on issues related to rivers, pledging to improve the operation of the Al-Bared hydroelectric power plant, and to clean the course of the large river.

He also talked about a $5 million funding from the United Nations Development Program (UNDP), which will be used to clean the course of the Grand River and increase turbines for the hydroelectric power plant in Nahr al-Bared.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.