Michel Aoun, Lebanon’s president, termed US mediation on the long-standing maritime dispute with Israel a “major progress” on Wednesday.
The Lebanese president has further stated that the southern sea border demarcation will “enable Lebanon to launch the process of exploring for oil and gas in the specified fields within the Exclusive Economic Zone.”
Aoun sees this development as a positive economic opportunity for Lebanon.
Following the southern border demarcation, the Lebanese President has announced that it will be significant progress through which Lebanon will be able to use and exploit its offshore resources which would further impact the country’s economy.
The Lebanese leader further added that the legal and technical details regarding the Lebanese maritime rights and sovereignty are being studied to exercise them to its fullest.
On the other hand, an Israeli broadcaster cited a government official saying that Israel has “especially cautious optimism” that an agreement can be concluded to settle the maritime dispute with Lebanon.
Earlier in the day, Amos Hochstein, the US mediator, expressed hope over concluding a maritime border demarcation agreement between the two parties.