Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo

Syria will receive two electricity-generating ships from Türkiye and Qatar to boost energy supplies hit by damage to infrastructure during President Bashar al-Assad's rule, state news agency SANA quoted an official as saying on Tuesday.
Khaled Abu Dai, director general of the General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide a total of 800 megawatts of electricity but did not say over what period.
"The extent of damage to the generation and transformation stations and electrical connection lines during the period of the former regime is very large, we are seeking to rehabilitate (them) in order to transmit energy,” Abu Dai said.
According to Reuters, he did not say when Syria would receive the two ships.
The United States on Monday issued a sanctions exemption for transactions with governing institutions in Syria for six months after the end of Assad's rule to try to increase the flow of humanitarian assistance.
The exemption allows some energy transactions and personal remittances to Syria until July 7. The action did not remove any sanctions.
Syria suffers from severe power shortages, with state-supplied electricity available just two or three hours a day in most areas. The caretaker government says it aims within two months to provide electricity up to eight hours a day.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.