ENERGY: Cyprus welcomes deal with Egypt on reserves

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The government of Cyprus has welcomed the signing by the Egyptian President of the presidential decree which ratifies the framework agreement between Cyprus and Egypt on the development of hydrocarbon reserves, that stretch from the one side of the Median Line to the other.

Government Spokesman Nicos Christodoulides issued a written statement on Thursday in which he points out that this is an extremely important agreement, which is based on the 2003 agreement for the delimitation of the Exclusive Economic Zones of both countries.

The Agreement defines the framework and the rules of cooperation between the two countries with regard to the development and joint exploitation of hydrocarbon reserves that are possibly intersected by the joint boundary of the EEZ of the two countries.

The agreement was signed in Cairo on December 12, 2013, during the official visit of President Anastasiades to Egypt.

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