World Bulletin/News Desk
Egypt has annulled the maritime border-defining Exclusive Economic Zone (EEZ) agreement with Southern Cyprus. Therefore the balance in exclusive economic zone to the south of Cyprus in which natural gas and oil reserves are found has been altered.
According to the Greek press, the Egyptian Shura Council (Upper House of Egypt) approved the legislation which MP Khaled Abdel Qader Ouda proposed on the grounds that renegotiation of delineating their respective boundaries “could mean billions of dollars for Egypt.”
In indicating that Egypt’s new law annuls this agreement, Abdel Qader stated that under international agreements, Egypt has the right to withdraw its signature from this agreement. Abdel Qader argued that the agreement had been signed by Cyprus and Israel in February 2003, annulling it since Egypt had the right to be present at the signing.
The new law approved by the Egyptian Shura Council necessitates that new borders for the economic zone be delineated with Turkey joining as a third party.
The Republic of Cyprus had one-sidedly declared the professed economic zone in 2003. Israel, Egypt and Lebanon had been included in the agreement against which Turkey reacted by indicating, on the basis of international law, that it too had a right to the natural gas and oil reserves in the region.
Observers are interpreting Egypt’s withdrawal of Egypt from the agreement as evidence of Turkey’s strengthening presence in the region.
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.