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articles | 25 April 2019 | ServPRO Accountants & Consultants

Cyprus and Lebanon start negotiations on natural gas

Last week, during talks held in Beirut between the Cyprus Foreign Minister, Mr. Nicos Christodoulides and Energy Minister, Mr. Yiorgos Lakkotrypis and their Lebanese counterparts Mr. Gebran Bassil and Mr. Nada Boustani it was agreed that the two countries will commence negotiations on the exploitation of natural gas reserves in their exclusive economic zones (EEZ).

The four ministers also discussed other matters such as the cooperation between Cyprus and Lebanon in the sectors of energy and energy security in the Eastern Mediterranean region.

Addressing the aftermath of the talks, Mr. Christodoulides mentioned that the parties reviewed the countries’ bilateral relations and looked into ways to broaden and deepen them further. Mr. Christodoulides also reaffirmed the countries support of the right to explore and exploit their natural resources, located in their exclusive economic zones (EEZ) in line with international law.

Furthermore, Mr. Christodoulides noted that the countries will commence talks to conclude a bilateral framework agreement relating to the development of their natural gas reserves in their respective EEZs. This will send a strong message of cooperation between the two states and provide companies wishing to invest in the exploration of natural gas in the area with the necessary legal security.

Moreover, the two countries also agreed to start discussions to reach an agreement for the protection of underwater cultural heritage from illegal excavations within their jurisdiction.

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