Cyprus will soon be able to sign agreements with all neighbouring countries for the delimitation of the exclusive economic zones, Commerce Minister, Giorgos Lillikas said on Wednesday after the meeting of the Council of Ministers, invited to comment on latest reports according to which Cyprus seems to be close to exploitation of oil deposits in its economic zone.
“This will create the conditions for Cyprus and the neighbouring countries to proceed to a research in their economic zones to see whether they are rich in oil and natural gas deposits”, the Minister said.
“Cyprus has already signed an agreement with Egypt and will soon sign an agreement with Lebanon, Israel and Syria”, Mr. Lillikas added.
The Minister also emphasized that many multinational companies have expressed their interest to carry out the researches in the exclusive economic zone of Cyprus but they have to secure a license by the neighbouring countries in order to enter into their economic zone.
“It is necessary for us to reach bilateral agreements for a delimitation», Mr. Lillikas said.
“The Mediterranean is an area that hosts oil deposits. However, the government is not expected to announce details at this stage”, he added.
Visit in Lebanon
During his visit in Lebanon, the Commerce Minister signed a cooperation agreement with the Lebanese Transport Minister, which will be followed by a conference on a technocratic level with officers from the CTO and the Lebanese Tourism Ministry to determine the action plan.
According to Mr. Lillikas, there are sectors in tourism that Cyprus and Lebanon can cooperate to a mutual benefit.
“One of those sectors is the development of certain common packages. There are European tourists in Cyprus, for example, that are interested in visiting Lebanon. We can, therefore, recommend cruises from Cyprus to Lebanon. On the other hand, Lebanon hosts tourists from the Gulf and Saudi Arabia that could sail to Cyprus”, the Minister noted.
On Wednesday afternoon, Cyprus signed an agreement with Lebanon for the delimitation of the exclusive economic zones of the two countries. The two parties agreed that the preparation of all reports and maps will be completed in early November and the signing of the agreement will be held late in the month.
“This will create the conditions for Cyprus and the neighbouring countries to proceed to a research in their economic zones to see whether they are rich in oil and natural gas deposits”, the Minister said.
“Cyprus has already signed an agreement with Egypt and will soon sign an agreement with Lebanon, Israel and Syria”, Mr. Lillikas added.
The Minister also emphasized that many multinational companies have expressed their interest to carry out the researches in the exclusive economic zone of Cyprus but they have to secure a license by the neighbouring countries in order to enter into their economic zone.
“It is necessary for us to reach bilateral agreements for a delimitation», Mr. Lillikas said.
“The Mediterranean is an area that hosts oil deposits. However, the government is not expected to announce details at this stage”, he added.
Visit in Lebanon
During his visit in Lebanon, the Commerce Minister signed a cooperation agreement with the Lebanese Transport Minister, which will be followed by a conference on a technocratic level with officers from the CTO and the Lebanese Tourism Ministry to determine the action plan.
According to Mr. Lillikas, there are sectors in tourism that Cyprus and Lebanon can cooperate to a mutual benefit.
“One of those sectors is the development of certain common packages. There are European tourists in Cyprus, for example, that are interested in visiting Lebanon. We can, therefore, recommend cruises from Cyprus to Lebanon. On the other hand, Lebanon hosts tourists from the Gulf and Saudi Arabia that could sail to Cyprus”, the Minister noted.
On Wednesday afternoon, Cyprus signed an agreement with Lebanon for the delimitation of the exclusive economic zones of the two countries. The two parties agreed that the preparation of all reports and maps will be completed in early November and the signing of the agreement will be held late in the month.
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