World Bulletin / News Desk
An Egyptian tender to explore natural gas in the Mediterranean was delayed due to lack of a "coordinate" agreement between Israel and Greek Cypriot administration that defined the boundaries of the two countries.
Speaking to the Anadolu Agency (AA), former Egyptian Minister of Petroleum, Abdullah Gurab, stated that, while he was the Minister of Petroleum between February 2011 and June 2012, he had constantly brought up the idea of holding a tender for the exploration of natural gas in the Mediterranean Sea but that the tender did not take place due to a lack of a "coordinate" agreement between Israel and Greek Cypriot administration that clearly defined the territorial waters.
"Later on, the Egyptian Ministry of Petroleum obtained information showing the necessary coordinates from related Egyptian officials. 13 tenders, 6 of them in the border regions of Israel and Greek Cypriot administration and 7 of them in Egyptian territorial waters, were opened," Gurab underlined.
"Oil wells at border regions may be mixed up. Egypt must sign agreements with neighboring countries to take under guarantee its rights," Gurab said.
On the other hand, Egyptian Minister of Petroleum Osama Kamal said that 13 international companies attended the tender for exploration of natural gas in the Mediterranean in June and that the results would be announced in November.
Egypt signed a contract with BP last week for the exploration of natural gas in the Mediterranean Sea.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
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.