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.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze