Cypriot President Nicos Anastasiaes expressed his appreciation to the Lebanese private sector, saying that it performed a major role to support investments in Cyprus during the recent period. He expressed his government’s readiness to increase cooperation with Lebanon on the economic side during the coming period.

Anastasiades said the meeting was positive and highlighted the bond between the two countries.He said, “I am very pleased that we have reaffirmed our excellent relations and determination to strengthen these relations,” he said. “We look forward to finding new ways to strengthen cooperation between Cyprus and Lebanon.”

Anastasiades arrived in Beirut Sunday for a four-day official visit. He met Monday with President Michel Aoun, who called for increased cooperation between the two countries in the oil and gas sector.

Sukkarieh said that it is common for countries to agree a unitization agreement ahead of exploration, especially if prospects of a joint field are promising. “We don’t know at this point whether there are common reservoirs between Lebanon and Cyprus but it is common to have this agreed, even if it’s ahead of exploration, in order to clarify things from the start.”

The expert noted that the unitization agreement has been a primary issue of negotiation between Cyprus and both Israel and Lebanon for several years, though no agreement on this issue has been finalized with either country. A maritime border was agreed between Cyprus and Lebanon in 2007 but Lebanon’s Parliament has not ratified the deal.

Cyprus agreed its maritime borders with Israel in 2010, using the same southern border point referenced in the deal with Lebanon. But Sukkarieh explained that in the interim between the two border agreements, Lebanon had established a committee to define Lebanon’s exclusive economic zone; the southernmost point identified by this committee does not match that of the Cyprus-Israel maritime border agreement. “From a Lebanese perspective, this point [in the 2007 agreement with Cyprus] was not meant as official borders but simply as an interim solution until the question is settled between Lebanon and Israel,” Sukkarieh said.