Back to the complete issue
Monday, 10 October 2022

Greek FM in Cairo to rally support over Libyan-Turkish Med exploration pact

Egypt, Greece show united front against Turkish-Libyan Med exploration ambitions: Foreign Minister Sameh Shoukry and his Greek counterpart Nikos Dendias on Sunday met to reiterate their rejection of a Libyan-Turkish agreement on offshore oil and gas exploration rights in the Mediterranean, according to a statement by the Greek foreign ministry. The agreement could include exploration rights in the so-called “exclusive economic zone” drawn up by the two countries back in 2019, which Egypt and Greece have disputed with their own rival agreement demarcating maritime borders in the oil and gas-rich East Med.

Shoukry urged the UN to take a “clear position” on the Libyan national unity government that signed the agreement with Turkey, at a press conference following the meeting with Dendias (watch, runtime: 1:28). The Tripoli government does not have the “authority to sign any international agreements nor MoUs” since national elections were delayed in December, Shoukry said. Bloomberg Asharq and the AP also had coverage.

MEANWHILE- Egypt wants to unlock EUR 54 mn in debt-for-development financing from Germany. The topic was on the agenda yesterday when International Cooperation Minister Rania Al Mashat met with the head of Germany’s Economic Cooperation Ministry’s Middle East Development Cooperation division, Mario Sander, according to a cabinet statement. The funding will be used for climate and green economy projects, according to the statement.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.