Lebanon: Medicine Going Out of Stock, Smuggling Fears Mounting

Lebanon: Medicine Going Out of Stock, Smuggling Fears Mounting
TT
20

Lebanon: Medicine Going Out of Stock, Smuggling Fears Mounting

Lebanon: Medicine Going Out of Stock, Smuggling Fears Mounting

A number of Lebanese have complained of the exhaustion of certain medicines, including medications for chronic diseases. This caused panic and fear, especially in a country where the interruption or loss of any basic commodity or service such as bread, diesel, and electricity has become natural and possible at any moment.

The head of the Pharmacists Syndicate, Ghassan al-Amin said that Lebanon was not heading towards a drug crisis.

“The availability of medicines is linked to continuous subsidies,” he affirmed.

Amin explained that some drugs were sometimes unavailable for 10-15 days, because of the mechanism adopted by the Lebanese Central Bank in opening credit lines for importers.

Another reason that contributed to the recent exhaustion of drugs is because “some citizens are stocking medicine in their homes. This has “significantly increased drug consumption and contributed to its depletion from pharmacies,” according to Amin.

Smuggling is another contributor, the head of the Syndicate said, expressing his fears that this phenomenon would worsen with the deterioration of the value of the local currency against the USD in the parallel market.

Responding to fears over the rise of prices, Amin stressed that all medicines were subsidized, noting that prices would not rise but they might decrease.

The increase in prices was only seen in nutritional supplements and some products that are sold in pharmacies and are not classified as medicines, he noted.

Amin revealed that there are around 200 pharmacies that have recently closed and expected the number to reach 1,000 out of 3,000 within a year, because most pharmacy owners were unable to sustain further losses.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
TT
20

Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.