Lebanon, Cyprus Agree on Natural Gas Work

From UPI

The Lebanese and Cypriot governments have agreed to increase cooperation in the offshore natural gas sector, Lebanese President Michel Suleimansaid.

Suleiman met with Cypriot President Demetris Christofias in Beirut to discuss the natural resources that may lie offshore.

“We have decided to increase the frequency of coordination and cooperation to reach an agreement about the principles and mechanisms which will allow both our countries to extract this wealth,” the Lebanese president was quoted by The Daily Star newspaper as saying.

Beirut aims to have an international auction for natural gas tenders Feb. 1. At least 40 countries are said to have expressed interest in the bidding.

Cyprus has an estimated 12 trillion cubic feet and has agreements with Egypt and Israel to examine transboundary hydrocarbon deposits.