Egypt eyes more economic benefits after signing maritime demarcation deal with Greece
Egyptian President Abdel Fattah al-Sisi issued a presidential decree to ratify the historic agreement signed with Greece on the demarcation of maritime borders, which could help further boost Egypt’s ambition to become a major regional energy hub.
Egyptian President Abdel Fattah al-Sisi issued Oct. 10 a presidential decree to ratify the historic agreement signed with Greece on maritime demarcation, which helps establish the exclusive economic zone (EEZ) in addition to boosting cooperation in the energy field and benefit from riches available in the eastern Mediterranean region.
The agreement was inked in Cairo on Aug. 6 between the Egyptian and Greek foreign ministers. Greece approved the agreement of its maritime boundaries with Egypt on Aug. 27.
During the Aug. 6 signing ceremony, Egyptian Foreign Minister Sameh Shoukry said the accord “allows the two countries to maximize benefits in the promising gas and oil reserves,” especially since both countries are members of the East Mediterranean Gas Forum (EMGF).
Established in Cairo last year with the membership of Egypt, Greece, Cyprus, Italy, Palestine, Jordan and Israel, the EMGF aims at improving natural resources development as well as forming a regional gas market.
