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Greece and Egypt sign an agreement on the economic exclusive zone in the East Mediterranean.

Image Credit: AFP

On Thursday, Egypt and Greece signed an agreement regarding the economic exclusive economic zone in East Mediterranean. The area is thought to have oil and gas reserves.

Egyptian Foreign Minister, Sameh Shoukry made the announcement of agreement that was decided with Greek’s Foreign Minister Nikos Dendias in Cairo.

Shoukry said, ‘This agreement allows both countries to move forward in maximizing the utilization of the resources available in the exclusive economic zone, especially promising oil and gas reserves.’

‘The agreement with Egypt is within the framework of international law, respects all concepts of international law and the law of the sea and good neighborly relations, and contributes to security and stability in the region,’ Greek Minister Dendios said.

Both Egypt and Greece are not on good terms with Turkey, after the latter signed an agreement with the internationally recognized Libyan government last year, to start oil and gas exploration in the East Mediterranean. Both Greece and Egypt considered the delimitation agreement signed by Turkey, as illegal and in violation of international law.

Greece and Turkey also do not agree over the mineral rights in the Aegean Sea. In June, Greece and Italy reached a decision on the maritime borders, establishing an exclusive economic zone between the two European countries.

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