A platform in the Leviathan natural gas field in the Mediterranean Sea. AFP
A platform in the Leviathan natural gas field in the Mediterranean Sea. AFP
A platform in the Leviathan natural gas field in the Mediterranean Sea. AFP
A platform in the Leviathan natural gas field in the Mediterranean Sea. AFP

Lebanon-Israel maritime talks to resume next week


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Talks on the disputed border between Lebanon and Israel will resume next week, Israeli officials said on Wednesday.

The comments came shortly after Lebanese President Michel Aoun said that he was open to resuming the stalled talks.

Israel’s Energy Minister Karine Elharrar said he would meet US envoy Amos Hochstein next week as part of the effort to settle the dispute, his ministry said.

  • Soldiers for the United Nations Interim Forces in Lebanon patrol the southern Lebanese village of Kfar Kila along the border with Israel. AFP
    Soldiers for the United Nations Interim Forces in Lebanon patrol the southern Lebanese village of Kfar Kila along the border with Israel. AFP
  • In the first phase of Iran's "Islamic Revolution" project, it orchestrated the rise of Lebanon’s Hezbollah, whose current leader is Hassan Nasrallah. AFP
    In the first phase of Iran's "Islamic Revolution" project, it orchestrated the rise of Lebanon’s Hezbollah, whose current leader is Hassan Nasrallah. AFP
  • UN peacekeepers patrolling the Lebanese side of the border with Israel. AFP
    UN peacekeepers patrolling the Lebanese side of the border with Israel. AFP
  • A picture taken on June 3, 2019 during a guided tour with the Israeli army shows the interior of a tunnel at the Israeli side of the border with Lebanon in northern Israel. AFP
    A picture taken on June 3, 2019 during a guided tour with the Israeli army shows the interior of a tunnel at the Israeli side of the border with Lebanon in northern Israel. AFP

The announcement comes after the landmark US-mediated talks between the two states – which have no official diplomatic relations – stalled last year.

The two states began meeting in 2020 at the Naqoura UN peacekeepers' outpost on the heavily militarised border alongside US mediators to discuss the maritime boundary.

An agreement is key to further oil and gas exploration in the area. Despite being a decades-long dispute the issue came to a head when Lebanon signed an exploration agreement with a consortium of international companies to being searching for resources in an area abutting the disputed zone.

Early talks stopped after each side presented contrasting maps outlining proposed borders that actually increased the size of the disputed area.

Israel already pumps gas from huge offshore fields.

Lebanon, which has yet to find commercial gas reserves in its own waters, is desperate for cash from foreign donors and some have pinned hopes of its economic revival upon extraction of gas despite experts saying it will be years before the industry is up and running even if reserves are found soon.

Mr Aoun has previously said that negotiations should not resume if Israel is setting preconditions.

“President Aoun has given his instructions to the negotiating team that talks should not be tied to any preconditions and should rely on international law that will remain the basis for reaching a fair solution,” a statement last year from his office said.

Israel occupied south Lebanon until 2000 when an insurgency led by Hezbollah forced them to withdraw. Hezbollah and Israel then fought a devastating 34-day conflict in 2006 that caused billions of dollars of damage in Lebanon and left hundreds dead.

Thousands of UN peacekeepers are deployed on the frontier between the nations in an attempt to prevent any future escalation of tensions.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Updated: January 26, 2022, 1:28 PM