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The massive blast at Beirut port on August 4 caused more than $15 billion in damages, Lebanese President Michel Aoun said Wednesday, The Business Standard reported.

"Preliminary estimates of the losses suffered following the port explosion top 15 billion dollars," he was quoted as telling Spain's King Felipe in a phone call, in a message on the presidency's Twitter account.

To note, insurance companies initially had estimated the damage from the explosion in the port of Beirut at $3 billion.

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