BEIRUT, Jan. 25 (Xinhua) -- Lebanon's caretaker Energy Minister Cesar Abi Khalil announced Friday that his ministry signed a contract with the Russian energy company Rosneft, to manage oil storage terminals in Lebanon for the term of 20 years, local media reported.
"The contract will allow the re-development of oil facilities in Tripoli which will happen in several stages," Abi Khalil was quoted as saying by the National News Agency.
Abi Khalil added that the contract will generate additional income for the Lebanese state.
A press release released by Rosneft's website quoted Igor Sechin, chief executive officer of Rosneft, as saying that the agreement will allow Rosneft to strengthen its presence in the region and improve the efficiency of its existing integrated supply chains and also will contribute to the development of company's international trading.
"We hope for further expansion of cooperation with Lebanon and for the implementation of other potential projects in the oil and gas sector in this country," he said.
Meanwhile, Abi Khalil also noted that he is following up with Syria, Iraq and Egypt on the process of re-operating the existing gas and oil lines in the region.
