Lebanon and Cyprus Forge Historic Maritime Deal

Lebanon and Cyprus signed a historic deal to demarcate their maritime boundaries, enabling energy exploration in the Mediterranean. The agreement marks deeper cooperation between Lebanon and Cyprus, with potential boosts to investor interest and economic benefits, as Lebanon seeks to address its financial and energy crises.

Lebanon and Cyprus have finalized a landmark agreement to demarcate their maritime borders, potentially opening the door for offshore energy exploration in the Mediterranean. This long-anticipated deal could pave the way for strengthened ties not only between Lebanon and Cyprus but also with the European Union.

The signing at Lebanon's presidential palace was hailed as a historic moment by Cypriot President Nikos Christodoulides, who emphasized the potential for joint energy programs and investor attraction. Cyprus and Lebanon had previously reached a preliminary maritime mapping deal in 2007, which faced delays in Lebanese parliamentary ratification.

With power shortages and financial collapse looming in Lebanon, the hope is that offshore gas discoveries will boost economic recovery. Energy Minister Joseph Saddi expressed Lebanon's interest in infrastructure connectivity with Cyprus, furthering energy cooperation to address Lebanon's ongoing energy shortages.

(With inputs from agencies.)