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Cyprus Energy Minister Giorgos Lakkotrypis and his Lebanese counterpart Gebran Bassil met in Nicosia to discuss hydrocarbon issues.
As Lakkotrypis stated after the meeting, “we have agreed to start the discussion and conclude it as soon as possible”.
“We are opening a new era of a good cooperation between Lebanon and Cyprus in oil and gas” said Bassil said from his part, adding that Lebanon could constitute a potential market for Cypriot gas.
Both sides said the meeting was conducted in an excellent climate, reflecting the level of relations between the two countries.
According to Lakkotrypis, both sides briefed each other on the current state of hydrocarbon exploration and exploitation efforts and said they agreed to exchange experiences and knowledge.
The Lebanese Minister referred from his part to the historic relations between the two countries, expressing hope that they will be “translated into real economic relations”.
Bassil said moreover that his country was “open to discuss everything”, adding that Lebanon is keen to correct the mistake - as he put it - relating to the border between Lebanon and Israel.
We hope that with a future understanding, we can correct it and build the future together, the Lebanese Minister said.
He added that Lebanon may provide Cyprus with an alternative market to export its gas, noting that Beirut is also in need for gas.
On the LNG plant Cyprus plans to construct at Vassiliko area, on the southeastern coast of the island, Bassil said that Lebanon regards it in a positive light. “It can be also a possible diversification solution for our gas exports” he said.
He noted that the two countries share a “gift from God”, the rich hydrocarbon resources, and expressed hope to utilize them for the benefit of their people.
Bassil said finally that the vision for Lebanon-Cyprus relations includes other areas as well, such as water, transportations and even wine.
Cyprus is currently developing natural resources discovered within the Republic’s Exclusive Economic Zone (EEZ), while several international companies are involved in hydrocarbon exploration and exploitation activities.
The country has signed separate agreements with Egypt, Lebanon and Israel to delimitate its EEZ. The agreement with Beirut has not been ratified due to a difference between Lebanon and Israel.
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