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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Lebanon may see complete blackout by month-end

EDL has warned of a ‘high risk of reaching total and complete blackout by end-September.’ AFP
  • Lebanon has seen worsening shortages of fuel over the past few months
  • Power cuts across the country can currently last up to 23 hours a day

Lebanon could plunge into a total blackout by the end of September, local reports have quoted its state electricity company as saying.

This comes as its fuel oil reserves dwindle, amid an economic crisis that the World Bank has said is one of the worst in the world.

Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through a deal with Iraq, the company has said in a statement.

Iraq signed an agreement in July to allow the cash-strapped Lebanese government to pay for 1 million tons of heavy fuel oil a year in goods and services.

That oil is not suitable for use in Lebanon, but it is being exchanged in tenders for a suitable grade of petroleum.

EDL said its reserves of both Grade A and Grade B fuel oil had reached a critical point and had run out already for some plants that have now stopped production.

“The network already experienced total blackouts across the country seven times and if this continues there is a high risk of reaching total and complete blackout by end-September,” the statement said.

Lebanon has seen worsening shortages of fuel over the past few months, amid rising prices as subsidies are phased out.

Power cuts across the country can currently last up to 23 hours a day, with most Lebanese relying on costly private generators.