INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Turkey, Libya sign maritime hydrocarbons agreement

Central Bank of Libya oversees the substantial oil revenues of the country, which boasts the most abundant reserves in Africa. (AFP)
  • The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
  • The deal came at the height of a year-long battle between rival governments vying for control of the capital.

TRIPOLI, LIBYA – Turkey’s foreign minister signed a deal in Libya’s capital Monday allowing for oil and gas exploration in ‘Libyan waters’.

“We’ve signed a Memorandum of Understanding on exploration for hydrocarbons in Libya’s territorial waters and on Libyan soil, by mixed Turkish-Libyan companies,” Mevlut Cavusoglu said at a press conference in Tripoli.

The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries’ shared maritime borders but sparked anger in Greece and Cyprus.

Cavusoglu however stressed on Monday that the new accord was between “two sovereign countries — it’s win-win for both, and other countries have no right to interfere”.

Najla al-Mangoush, foreign minister in Libya’s Government of National Unity, said the new deal was “important”, especially in light of “the Ukrainian crisis and its repercussions” for energy markets.

Turkey had signed a controversial security agreement in November 2019 with Libya’s UN-recognized government, claiming extensive, potentially gas-rich areas of the Mediterranean for itself.

The deal came at the height of a year-long battle between rival governments vying for control of the capital.

Cavusoglu was accompanied in Tripoli by a high-level delegation also including Turkey’s energy, defense and trade ministers.

Libya has been mired in violence for over a decade since the 2011 toppling of dictator Moamer Kadhafi in a NATO-backed uprising.

Dozens of armed groups have been struggling for influence, backed by multiple foreign powers.

Since March, a government appointed by Libya’s eastern-based parliament has been attempting to take office in Tripoli, but has so far failed.