(MENAFN) On Wednesday, Lebanon and Cyprus concluded a groundbreaking maritime boundary demarcation deal, effectively resolving nearly twenty years of deadlock that had previously obstructed oil and gas exploration in the eastern Mediterranean region.

The historic agreement was formalized at the Baabda presidential palace, located near Beirut.

Following the signing, a joint press conference was held, featuring Lebanese President Joseph Aoun and Cypriot President Nikos Christodoulides.

The two nations initially brokered a preliminary agreement on their maritime zones in 2007, but the deal faced significant delays in Lebanon’s parliament due to internal political disagreements and ongoing regional disputes over maritime borders.

During the press briefing, President Aoun emphasized that the newly signed agreement would allow both nations to begin exploring offshore resources and pave the way for strengthened bilateral cooperation.

He also highlighted the potential for future joint ventures in sectors such as telecommunications, tourism, and security.

President Christodoulides described the agreement as a "strategic achievement," noting that it would unlock new opportunities for both countries and enhance energy collaboration in the region.

He further added, "This historic maritime boundary agreement enhances prospects for positioning the Middle East as an alternative energy corridor to Europe."

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