Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Egypt says Turkish seismic survey plans could encroach on its waters

Published 08/01/2020, 04:28 PM
Updated 08/01/2020, 04:30 PM

CAIRO (Reuters) - Egypt said on Saturday that part of a seismic survey planned by Turkey in the eastern Mediterranean potentially encroached on waters where Cairo claims exclusive rights.

An advisory issued last month by Turkey for the survey overlaps with Egypt's exclusive economic zone (EEZ), constituting "a violation and an attack on Egypt's sovereign rights", the Egyptian foreign ministry said in a statement.

It did not give details, but said the potential encroachment came under point eight of Turkey's advisory.

Seismic surveys are part of preparatory work for potential hydrocarbons exploration.

The announcement of the survey escalated tensions between Turkey on one side and Greece and Cyprus on the other, amid conflicting claims to offshore hydrocarbon resources. Turkey has since indicated it could pause exploration operations pending talks.

Egypt is a regional rival of Turkey and has close relations with Greece and Cyprus.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.