CAIRO: President Abdel Fatah al-Sisi authorized Wednesday an agreement between Egypt and Cyprus over the development of hydrocarbon reserves along the maritime border between both countries, according to a presidential statement.
The agreement was originally signed between both countries on Dec. 12, 2013 in Cairo.
Egypt’s presidential office spokesperson Ihab Badawi said in the statement that the agreement aims to exploit natural resources between Egypt and Cyprus to achieve cooperation in hydrocarbon development along the border, the statement added.
The border was determined in the Agreement on the Delimitation of the Exclusive Economic Zone with Egypt in February 2003, according to the website of Cyprus’s Press and Information Office.
“The provisions of this agreement should affect the sovereign rights and jurisdiction of each party in its allocated area in the Exclusive Economic Zone, according to international law,” the statement read. The zone is a maritime territory over which a state has special rights of the exploration and use of its resources; Cyprus has signed agreements between Egypt, Lebanon and Israel to use and explore the area.
In March 2013, the Shura Council (the upper house of the former Egyptian parliament) approved a bill canceling the agreement between both countries of the Delimitation of the Exclusive Economic Zone with Egypt in February 2003, Youm7 reported.