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

US continues mediation in Lebanon-Israel maritime border dispute

US Senior Advisor for Energy Security Amos Hochstein (L) arrives to meet Lebanon's caretaker Energy Minister in Beirut on July 31, 2022. AFP
  • “Progress towards a resolution can only be reached through negotiation by the two governments,” State Department spokesperson Vedant Patel said
  • Lebanon and Israel are located in the Levant Basin, where a number of big sub-sea gas fields have been discovered since 2009

The US, “remains committed to facilitating negotiations between Lebanon and Israel to reach a decision on the delimitation of maritime boundary,” principal spokesperson of the US State Department Vedant Patel said on Thursday.

“Progress towards a resolution can only be reached through negotiation by the two governments,” he said. While updating reporters on the recent visit to Lebanon by the US Special Envoy and Coordinator for International Energy Affairs Advisor Amos Hochstein. “We welcome the consultative and open spirit of parties to reach a final decision which has the potential to yield greater stability, security and prosperity for both Lebanon and Israel, as well as for the region and we believe that a resolution is possible.”

Early this month, Hochstein visited Lebanon and Israel to mediate the maritime border dispute. He remained optimistic about making progress towards a deal and looked forward to returning to the region to make a “final arrangement”.

Amos Hochstein made the comments after meeting Lebanon’s top leaders as he pressed efforts to clinch a rare agreement between enemy states that should allow both to develop offshore resources.

“I remain optimistic that we can make continuous progress as we have over the last several weeks and I look forward to being able to come back to the region to make the final arrangement,” Hochstein said during his visit.

The United States in 2020 stepped up long-running efforts to mediate an agreement. Tensions over the issue escalated in June as Israel moved towards extracting hydrocarbons while Lebanon’s exploration process remained paused.

Prime Minister Najib Mikati gave a thumbs up as he emerged from the meeting on Monday afternoon that also included President Michel Aoun and Parliament Speaker Nabih Berri.

Lebanese deputy parliament speaker Elias Bou Saab said the negotiations were moving “within a short timeframe” and said results could emerge in the next few weeks.

Lebanon and Israel are located in the Levant Basin, where a number of big sub-sea gas fields have been discovered since 2009. Israel already produces and exports gas.