OUR Lebanon approved an agreement on the demarcation of the maritime boundary with Israelwhich paves the way for the exploitation of hydrocarbon deposits, said Lebanese President Michel Aoun.

“I announce Lebanon’s approval of the final demarcation of the southern maritime boundary prepared by the American mediator,” Aoun said in a televised address.

The Lebanese President emphasized that the agreement would bring stability on both sides of the border, although he noted that it “does not indicate any normalization of relations.”

The agreement will allow the extraction and joint development of natural gas deposits in the waters between Lebanon and Israel, reduce armed tensions on the land borders of the two states, and provide a vital source of income for Lebanon’s failing economy.

The pact, which had to be approved by the Lebanese parliament and the cabinet in Jerusalem, was hailed by political leaders in Beirut and Tel Aviv as a historic event. “This is an achievement of historic importance that will strengthen Israel’s security, bring billions into our national economy and guarantee stability on our northern border,” Israeli Prime Minister Yair Lapid said Tuesday.

The agreement only covers the maritime border between the two countries, not the disputed land border, which has been guarded by UN peacekeeping forces for more than four decades. No less difficult was the definition of maritime boundaries, especially after the discovery of significant natural gas reserves. Israel is already developing the field, setting up a series of buoys marking an unofficial maritime boundary. Beirut initially denounced the Israeli move as a one-sided provocation, but backed down two weeks ago.

Dealing with the crisis was a priority for the Biden administration, and US presidential special envoy Amos Hawksteen worked on and presented a plan for two countries’ access to territorial waters.

^{According to AP, REUTERS, AFP, APE-MPE.}