Minister Steinitz and his Cypriot counterpart reach agreement on the Aphrodite-Yishai's dispute.
Minister of Energy Dr. Yuval Steinitz: "Thanks to the great relationship between the governments of Israel and Cyprus, we have reached an agreement that will bring us closer to resolve the dispute over the Aphrodite-Yishai natural gas reservoir. My colleague Minister Natasa Pilides and I have decided to give the energy companies on both sides a limited amount of time to negotiate the issue in order to reach an understanding that will bring an end to the ten year dispute. If this does not happen, the issue will be decided by the governments of Israel and Cyprus, who have a common interest in advancing the development of the natural gas reservoir as soon as possible for the benefit of the citizens of both countries. "
The energy ministers of Israel and Cyprus have agreed to allow companies operating on the Cypriot and Israeli sides of the Aphrodite-Yishai natural gas reservoir to reach an agreement within about a year, otherwise - the dispute will be settled by the governments of Cyprus and Israel.
After more than a decade of negotiations, Energy Minister Dr. Yuval Steinitz has reached an agreement with his Cypriot counterpart, Minister Natasa Pilides, on resolving the dispute over the Aphrodite-Yishai natural gas reservoir that crosses the maritime territory of Israel and Cyprus.
According to the agreement reached by the two ministers at their meeting in Nicosia, the companies operating on the Cypriot side of the Aphrodite reservoir will start negotiations with the companies operating on the Israeli side (Yishai) in order to agree upon how the Israeli companies will be compensated for their share in the reservoir.
If the companies will not reach an agreement within 180 days, the dispute will be referred to an international expert who will try to resolve the issue within another 180 days. The agreement between the companies will in any case be brought to the approval of the governments.
As long as there is no agreement on the part of the companies after 360 days, including through the means of an international expert, the issue will return to the governments. It is also stipulated that the states retain their right to the gas reservoirs in their territory, in compliance with international law and the agreement signed between the governments in the past.