ISTANBUL: Turkey said it plans to extend its search for gas in a disputed area of the eastern Mediterranean, despite EU calls to defuse a crisis that has seen tensions soar with other countries in the region.
The navy said in a statement issued late Saturday that the drill ship Yavuz, which has been based off Cyprus for the past few months, will explore off the southwestern coast of the island from August 18 to September 15.
Turkey’s actions in the eastern Mediterranean have put it at loggerheads with its uneasy NATO ally Greece and the rest of the EU, with France announcing last week it would bolster its presence in the region in support of Athens.
The EU has repeatedly called on Ankara to halt its energy exploration off Cyprus, arguing that the drilling is illegal because it infringes on the island’s exclusive economic zone.
But Turkey remains steadfast, saying it has a right to search for oil and gas in the eastern Mediterranean, where regional nations are racing for riches after the discovery of large energy deposits.
“We strongly advise against going to the search area,” the Turkish navy warned in its statement.
Last week, Ankara sent the seismic research vessel Oruc Reis, escorted by warships, to an area claimed by Greece, triggering the ire of Athens and the EU.
On Friday, EU foreign ministers voiced solidarity with Greece and called for a de-escalation of the crisis.
Turkish President Recep Tayyip Erdogan said Saturday that Ankara was ready for dialogue but insisted: “We will not back down in the face of sanctions and threats.”
The defense ministry meanwhile published photographs of naval maneuvers in the eastern Mediterranean, showing warships escorting another seismic research vessel, the Barbaros Hayrettin Pasa.
Turkey vows to extend hunt for gas in east Mediterranean
https://arab.news/v8hhn
Turkey vows to extend hunt for gas in east Mediterranean
- A Turkish drilling ship stationed off Cyprus will begin exploring for energy deposits off the contested island's coast
- The EU called on Ankara to halt its energy exploration in Greek-claimed waters
Egypt receives €1bn from EU as reward for economic reforms progress
- Payment is the 2nd installment of a €5bn macro-financial assistance loan package agreed in 2024
- European Commission President Ursula von der Leyen says it reflects Cairo’s efforts to build a stronger economy
LONDON: Egypt received €1 billion ($1.16 billion) from the EU on Thursday. The payment, designed to help boost the country’s financial stability, is part of a €5 billion macro-financial assistance package agreed in 2024.
The transfer was made after Egypt implemented a range of economic reforms, including improvements to public financial management and the foreign exchange market, the European Commission said.
The money is intended to help Egypt cover part of its financing needs, ensure economic stability, and support the country's economic reform agenda.
The €5 billion in macro-financial assistance, part of a broader €7.4 billion package, comes in the form of concessional loans that Egypt will have 35 years to repay. Thursday’s payment was the second, after an initial €1 billion was disbursed in December 2024. The remaining €3 billion is expected to be paid in two further installments this year.
Rania Al-Mashat, Egypt’s minister of planning, economic development and international cooperation, said the funding reflected the depth of Egyptian-European relations.
The financing package is directly linked to Egypt’s program of reforms designed to unlock the country’s economic potential, she added.
European Commission President Ursula von der Leyen said the latest payment “shows both the EU’s commitment to this partnership and Egypt’s efforts to build a stronger and greener economy.”
The commission said Egypt had fulfilled all the required conditions for the disbursement of funds, including that it remains on track with the requirements of an International Monetary Fund program. The IMF last month said it had reached an agreement with Egypt for reviews of that program, which could unlock about $2.5 billion.
Egypt secured an expanded $8 billion IMF package in March 2024, contingent on the country carrying out economic reforms.
The Egyptian economy has stabilized following a financial crisis in 2023 and 2024 that led to the devaluation of the Egyptian pound, a severe shortage of foreign exchange, and record-high inflation.
