Gas: Cyprus, Lebanon to start talks for a sharing agreement

12 November, 14:38

    (ANSAmed) - NICOSIA, NOVEMBER 12 - Cyprus Energy Minister Giorgos Lakkotrypis and his Lebanese counterpart Gebran Bassil met in Nicosia to discuss hydrocarbon issues, as Famagusta Gazette reported. Cyprus and Lebanon have agreed to start negotiations immediately for a production-sharing agreement concerning their hydrocarbon resources.

    As Lakkotrypis stated after the meeting, "we have agreed to start the discussion and conclude it as soon as possible". "We are opening a new era of a good cooperation between Lebanon and Cyprus in oil and gas," Bassil said from his part, adding that Lebanon could constitute a potential market for Cypriot gas. Both sides said the meeting was conducted in an excellent climate, reflecting the level of relations between the two countries. According to Lakkotrypis, both sides briefed each other on the current state of hydrocarbon exploration and exploitation efforts and said they agreed to exchange experiences and knowledge.

    Cyprus is currently developing natural resources discovered within the Republic's Exclusive Economic Zone (EEZ), while several international companies are involved in hydrocarbon exploration and exploitation activities. The country has signed separate agreements with Egypt, Lebanon and Israel to delimitate its EEZ. The agreement with Beirut has not been ratified due to a difference between Lebanon and Israel. (ANSAmed).

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