by germainebull » 27 Nov 2025, 13:34
Lebanon and Cyprus have finally signed a long-awaited maritime demarcation agreement. President Joseph Aoun and President Nikos Christodoulides signed this pact in Baabda. These leaders said this is a step towards strengthening cooperation between Lebanon and Cyprus, and even the EU as a whole. Christodoulides mentioned that this is a historic agreement and they are now looking at major issues to create together.
This deal could open the doors of investor interest because since 2007 they had a preliminary deal but ratification was delayed. The Lebanese cabinet approved it last month and Energy Minister Joseph Saddi visited Cyprus to discuss energy cooperation, including the idea of bringing electricity from Cyprus to help Lebanon's shortages. Saddi said they have also asked the World Bank to conduct a pre-feasibility study to see if the interconnectivity will be viable and what the tariffs will be.
Christodoulides added that this agreement brings legal and economic certainty and gives investors confidence to invest in energy programmes. Lebanon hopes that offshore gas and oil discoveries will generate revenue and help offset the effects of the 2019 financial collapse. They have yet to find commercially viable finds, but Saddi said the deal creates an environment that is attractive to investors. Lebanon already demarcated its borders with Israel in 2022, leaving Syria as the only remaining country. Aoun made it clear that he was ready to work with anyone who wanted a maritime understanding.
Source: newarab
Lebanon and Cyprus have finally signed a long-awaited maritime demarcation agreement. President Joseph Aoun and President Nikos Christodoulides signed this pact in Baabda. These leaders said this is a step towards strengthening cooperation between Lebanon and Cyprus, and even the EU as a whole. Christodoulides mentioned that this is a historic agreement and they are now looking at major issues to create together.
This deal could open the doors of investor interest because since 2007 they had a preliminary deal but ratification was delayed. The Lebanese cabinet approved it last month and Energy Minister Joseph Saddi visited Cyprus to discuss energy cooperation, including the idea of bringing electricity from Cyprus to help Lebanon's shortages. Saddi said they have also asked the World Bank to conduct a pre-feasibility study to see if the interconnectivity will be viable and what the tariffs will be.
Christodoulides added that this agreement brings legal and economic certainty and gives investors confidence to invest in energy programmes. Lebanon hopes that offshore gas and oil discoveries will generate revenue and help offset the effects of the 2019 financial collapse. They have yet to find commercially viable finds, but Saddi said the deal creates an environment that is attractive to investors. Lebanon already demarcated its borders with Israel in 2022, leaving Syria as the only remaining country. Aoun made it clear that he was ready to work with anyone who wanted a maritime understanding.
Source: newarab
