The nations of Lebanon & Cyprus have finally signed the long-awaited maritime border agreement, putting an end to over two decades of impasse, which had put a pause on oil & gas exploration initiatives in the Mediterranean Sea.
This is an extremely crucial time for this development, since Europe is already seeking suitable alternatives to fuel from Russia.
Lebanese and Cypriot Presidents Joseph Aoun and Nikos Christodoulides respectively signed the agreement at Baabda presidential palace near Beirut. This deal was initiated first in 2007 and now being finalized.
According to Christodoulides, the deal is historic, while Aoun says that its signing sends across a clear message to those wishing to foster better collaboration.
The 2007 agreement was ratified by Cyprus but not by Lebanon on account of the latter?s internal political crisis, as well as their sea border disagreement with Israel.
In 2012, Cyprus did offer their mediation services but failed. A mutual agreement between Lebanon and Israel on this matter was reached in 2022, after US acted as the mediator.
Aoun expressed his hope that this would help them improve their offshore exploration, which in turn would benefit their still-fledgling economy.
All said and done, Lebanon is yet to reach upon a similar agreement with Syria, which too is dealing with political crisis after the ousting of former President Assad.
