BEIRUT, Lebanon, Aug. 19 (UPI) -- Egypt will supply energy to Lebanon.
Lebanese Prime Minister Fouad Siniora has announced Egypt will help to meet the country's growing electricity demand, the Daily Star reported.
In order to address Lebanon's continued energy rationing, Siniora led a delegation to Egypt to meet with Egyptian President Hosni Mubarak to discuss some solutions.
Energy ministers from both countries will hold several meetings over the next few days to hammer out details and come up with a draft agreement that may be signed.
Former Lebanese Finance Minister Jihad Azour said the energy crisis there is so severe that Electricite du Liban's losses could reach $1.5 billion at the end of 2008, especially if oil prices climb again, because most of Lebanon's power stations run on oil.
A previous deal between Egypt and Lebanon fell through, but Siniora said the two nations are working quickly to bring in new electricity. Under the proposed agreement, Egypt would supply Lebanon with 200 megawatts of electricity in less than two months.