Lebanon Businessnews News

Tripartite summit
with Cyprus, Greece
Agreements in tourism, oil and gas
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The Foreign and Tourism Ministers of Lebanon, Cyprus, and Greece held a tripartite summit in Beirut on Thursday. The meetings resulted in agreements in the fields of tourism and oil and gas.

An agreement was signed to enhance cooperation in tourism among countries on the Phoenicians’ Route.

“We are working with Cyprus and Lebanon to create touristic packages for tourists who wish to visit the three countries,” said Greek Foreign Minister Georgios Katrougalos.

The Phoenicians’ Route refers to the connection of major nautical routes that were vital to the Phoenicians for trade and cultural communication in the Mediterranean. It includes nine countries: Croatia, Cyprus, France, Greece, Italy, Lebanon, Malta, Spain, and Tunisia.

The Ministries of Foreign Affairs and Energy and Water agreed with their Cypriot counterparts to jointly develop inter-border oil and gas projects and to set a unified maritime border line.

Greek President Prokopis Pavlopoulos had affirmed Lebanon’s right to explore for oil and gas in its sovereign waters.

A joint Cypriot-local team will be formed to prepare a framework agreement regarding the development and production of oil and gas in shared reservoirs. The team’s initial report will be completed next June. The ministries plan to sign the relevant agreement in September.
Counterparts also agreed to find markets to sell gas produced by both countries.

The team will also prepare another agreement regarding inter-border infrastructure related to the transport and export of natural gas, whether through pipes or liquefaction units.

Counterparts also agreed to collaborate in the technical and geological fields and to exchange information regarding the legislative framework for oil and gas.

Cyprus plans to drill an exploratory well on its side of the border with Lebanon in 2020. The two parties agreed that in May they will produce a map that identifies areas of agreement and disagreement on respective waters. They are to agree on a border also by September.

Another tripartite summit will be held in Cyprus in June to sign the relevant agreements.
Reported by Yassmine Alieh
Date Posted: Apr 11, 2019
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