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Lebanon strikes deal with Israel on maritime border dispute involving major oil and gas fields

11:23 PM | 11 Oct, 2022
Lebanon strikes deal with Israel on maritime border dispute involving major oil and gas fields
Source: General Michel Aoun (Twitter)

Israel and Lebanon have reached an agreement to settle a years-long maritime border dispute involving major oil and gas fields in the Mediterranean.

Details of the agreement were confirmed by leaders on each side on Tuesday.

The US has been trying to broker a deal between the countries over the 860-square-kilometre area of the sea that has been under dispute for years.

The Karish oil and gas field and a region known as the Qanaa prospect are expected to fall into Israeli and Lebanese waters respectively under the deal.

Israel has said it would begin extracting oil and gas from Karish and exporting it to Europe imminently.

Hours after receiving Israel’s final offer through US mediator Amos Hochstein, Lebanon’s President Michel Aoun said in a statement: “The final version of the offer is satisfactory to Lebanon and meets its demands and preserved Lebanon’s rights of this natural wealth.”

Aoun expressed the hope the agreement, which is yet to be signed, will be announced “as soon as possible.” 

On the other hand, Israeli Prime Minister Yair Lapid said: “This is an historic achievement that will strengthen Israel’s security, inject billions into Israel’s economy and ensure the stability of our northern border.” 

The draft agreement meets all the security and economic principles laid out by Israel, Lapid said.

Lapid will convene the security cabinet on Wednesday followed by a special meeting of the government, he said.

However, Lebanese officials have clarified the deal does not mean any “treaty” will be signed with Israel and this agreement is not a step toward normalization of relations between the two countries, which are technically at war.

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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