News Agencies – The Egyptian parliament approved on Monday an agreement to demarcate the maritime borders between Egypt and Greece and establish an exclusive economic zone between the two countries.
Egypt and Greece has established an Exclusive Economic Zone (EEZ) by signing of a maritime demarcation deal earlier this month.
“The deal permits Egypt and Greece to go ahead with maximising benefits from riches available in the exclusive economic zones of both countries, particularly the promising gas and oil reserves,” stated Shoukry according to Al Ahram.
The Minister also stressed that the deal would not only improve bilateral ties between the two nations, but also provide more opportunities for cooperation in the field of energy.
According to information provided by Ahram Online, the report said the deal aims at partially demarcating the maritime borders between the two parties in the Eastern Mediterranean Sea.
“The demarcation of these borders will be completed when necessary and once consultations between the two countries on point ‘A’ and point ‘E’ are finished in line with international law,” said the report.
The report indicates that the EEZ will be between point “A East” and “E West” and in line with attached geographical formulations and that it forms an integral part of the deal.
The report said that any change of the geographical formulations between point “A to the East” and point “E to the west” will be concluded only under a bilateral agreement between the two countries.
“If any of the two parties seeks to sign an EEZ with a third country sharing maritime borders with the two countries, it shall inform the other party in advance and ahead of signing the deal with the third country,” said the report.
The deal also states that in case that natural resources, including hydrocarbons, are found in an extension area between the EEZ of the two countries, there should be a new deal on how to utilise these resources and that any disputes in this respect shall be settled through diplomatic channels.
