BEIRUT — Lebanon and Cyprus signed a long-delayed sea border settlement on Wednesday, ending an nearly 20-year deadlock that had stalled some oil and fuel exploration within the Mediterranean Sea, as Europe seeks options to Russian gasoline.

Lebanese President Joseph Aoun and Cypriot counterpart Nikos Christodoulides signed the settlement on the Baabda presidential palace outdoors the Lebanese capital, Beirut, finalizing an preliminary deal first inked in 2007.

Christodoulides referred to as the deal a “historic settlement” in a joint press convention with Aoun, who in flip stated the signing sends “a transparent … invitation” to anybody who desires to cooperate with Lebanon.

Whereas Cyprus ratified the 2007 settlement, Lebanon did not due to its maritime border dispute with Israel, in addition to its inside political crises. Nicosia in 2012 provided to mediate to finish the deadlock, however a breakthrough did not come till 2022, resulting in a landmark settlement between Beirut and Tel Aviv, following U.S. mediation.

Lebanon hopes offshore exploration may assist it generate assets after years of crippling financial disaster. It’s but to achieve a maritime border settlement with neighboring Syria, which suffers its personal political upheaval after a lightning insurgent offensive ousted long-term President Bashar Assad.

Cyprus is ready to make the perfect out of the deal as European international locations purpose to scale back reliance on importing fuel from Russia, following its invasion of Ukraine. Christodoulides final week stated that a few of the estimated 20 trillion cubic toes of fuel found off Cyprus may attain European markets as quickly as 2027.

The delay in finalizing the settlement has prevented Cyprus from widening its hydrocarbon search, because it couldn’t discover in areas adjoining to Lebanese waters.

Lebanon has struggled with near-daily Israeli strikes on its southern area regardless of reaching a tenuous ceasefire almost a yr in the past. Aoun has endorsed negotiations with Israel for a cessation of hostilities, amid fears of a brand new conflict within the nation.

The Mediterranean nation additionally faces challenges to revitalize an ailing economic system that has left many Lebanese in despair, by enhancing ties with Saudi Arabia and different Gulf international locations, lengthy pissed off by the Hezbollah militant group, which has resisted current makes an attempt to disarm.

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Related Press journalist Menelaos Hadjicostis in Nicosia, Cyprus contributed to this report.