Lebanon is ready to work with Cyprus to exploit potential gas deposits in waters between the two east Mediterranean countries, Lebanon’s top diplomat said Friday, even though a deal on offshore rights hasn’t been formally finalized. Cyprus and Lebanon signed an agreement delineating their respective offshore exclusive economic zones in 2007, but the Lebanese parliament has yet to ratify it amid the country’s ongoing maritime border dispute with Israel. “Therefore the response to the Americans hopefully would be soon and it would be one response,” Bou Habib said. Any discoveries within Lebanon’s own economic zone would be a long-term boon for the crisis-hit country’s beleaguered economy. Lebanon’s economic crisis has been described by the World Bank as one of the world’s worst since the 1850s.

Source: Forbes April 15, 2022 13:07 UTC