Knesset to ratify Cyprus sea border agreement
The new law defines Israel's maritime Exclusive Economic Zone as stretching to a distance of 200 miles from the coast.
The agreement between Israel and Cyprus regarding their maritime border and Exclusive Economic Zones for offshore operations will be enshrined in Israeli law. A memorandum entitled "Maritime Zones Law" has been distributed today by the Ministry of Justice.
This is a preliminary memorandum, which includes a basic model for Knesset legislation to clarify the laws pertaining to maritime Exclusive Economic Zones (EEZ) and its aim is to set the legal framework for activities supervised and encouraged by the State of Israel at sea. The main operations in this context are natural gas exploration and its production and oil exploration.
The Law defines territorial waters and the EEZ which stretches to a distance of 200 miles from Israel's coastline. The Law is being formulated in accordance with international law and the Convention of the Law on the Sea, even though Israel is not a party to this convention.
In the Red Sea region Israel only has territorial waters and no EEZ.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2013
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