Bou Saab says border deal to be signed in last week of October

Lebanon and Israel are expected to submit signed letters regarding their sea border agreement in the last week of October, according to the mechanism that has been agreed on, Deputy Speaker Elias Bou Saab has said.

In an interview with Euronews Arabic, Bou Saab added that it is in the interest of both parties to respect and finalize the agreement because “the alternative to it is chaos.”

Lebanon and Israel have said that they have struck a "historic" deal over a maritime border dispute involving offshore gas fields after years of U.S.-mediated talks, in a step that facilitates hydrocarbon production.

Negotiations between the neighbouring sides, which are still technically at war, had suffered repeated setbacks since their launch in 2020.

But they gained momentum in recent weeks with both sides eyeing revenue from potentially rich Mediterranean gas fields.

Lebanon, which is in deep financial crisis but cannot count on gas alone to bail it out, and Israel said they agreed on the terms of the U.S.-mediated deal this week.

The text of the agreement sent to both countries by U.S. mediator Amos Hochstein said it "establishes a permanent and equitable resolution of their maritime dispute."

It will go into force as soon as the U.S. sends a notice confirming it has received from Lebanon and Israel their separate approvals, the deal says.

Lebanon and Israel will then deposit maritime border coordinates with the United Nations -- in a move that will override 2011 submissions by both countries.