Egyptian President Abdel-Fattah al-Sisi issued on Saturday a decree approving the maritime demarcation agreement between Egypt and Greece to establish an Exclusive Economic Zone (EEZ) between the two countries.
The decree stipulates that in case of discovering natural resources, including hydrocarbon stocks, extending from the EEZ of one of the parties to the EEZ of the other, the two parties have to cooperate to reach an agreement on how to exploit these resources, Egypt’s official Ahram Online news website reported.
Presidential decree No 444 of 2020 “was based on the desire of the two countries to contribute to the stability of the region, in good faith, in accordance with international law as well as their desire in enhancing mutual cooperation, neighbourly relations and bonds of friendship.”
Egypt and Greek signed the maritime demarcation deal for establishing an EEZ between the two countries on Aug. 6.
