Egypt welcomed on Wednesday an agreement that was reached to demarcate the maritime borders between Lebanon and Israel.
In a statement issued by the Ministry of Foreign Affairs, Egypt expressed its aspiration that this agreement will enable Lebanon to benefit from its resources to contribute to improving the economic situation in the country and consolidate more frameworks and areas of cooperation in the Mediterranean region.
The statement also reiterated Egypt’s full support for the stability and sovereignty of Lebanon and the realisation of the aspirations of the brotherly Lebanese people.
The agreement brokered by the US to demarcate the maritime border between Lebanon and Israel aims to “reach a lasting and equitable solution” to the long-standing dispute.
“This agreement shall enter into force on the date on which the government of the US sends a notification containing confirmation of the consent of each of the parties to the provisions provided for in this agreement,” the draft reads.
On the day Washington sends this notification, Lebanon and Israel will simultaneously send identical coordinates to the UN that will determine the location of the maritime border.
The agreement maintains the status quo near the shore as it is, including along the controversial line of sea buoys.
According to the draft, “the parties intend to resolve any differences regarding the interpretation and implementation of this agreement through discussions facilitated by the US,” cementing Washington’s role as guarantor to the deal.
Additionally, according to the text of the agreement, the parties recognise Israel’s security line opposite the settlement of Rosh Hanikra.
Also, the agreement stipulates that 17% of the profits from the gas to be extracted from the Sidon reservoir will return to Israel.
Although the deal is limited in scope, it would represent an important compromise between the two countries — rivals with a long history of conflict — open the way for offshore energy exploration, and ease a source of more recent tensions between them.
