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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Headlines

    Posted By Global Banking and Finance Review

    Posted on June 20, 2025

    Featured image for article about Headlines

    TRIPOLI (Reuters) -Libya's internationally recognised government of national unity has objected to Greece's approval of an international tender for hydrocarbon exploration off the island of Crete, saying some of the blocks infringed its own maritime zones.

    The two countries have been trying to mend relations strained by an accord signed in 2019 between the Libyan government and Greece's regional rival Turkey, which mapped out a sea area between them close to the Greek island.

    Greece opposed the agreement, saying it had no legal basis as it sought to create an exclusive economic zone from Turkey's southern Mediterranean shore to Libya's northeast coast, ignoring the presence of Crete.

    Last month Athens invited bidders for hydrocarbon exploration in two blocks south of Crete following an expression of interest by U.S. major Chevron.

    Libya's Tripoli-based foreign ministry said in a statement late on Thursday that some of the tendered sea blocks off Crete fell within disputed zones and were "a clear violation of Libya's sovereign rights".

    The ministry objected "to any exploration or drilling activities in these areas without a prior legal understanding that respects the rules of international law", it said, calling on Greek authorities to prioritise dialogue and negotiation.

    A senior source in Greece's energy ministry said Athens had adhered to the international law of the sea and its government was committed to discussions "within the framework of international legitimacy". The source declined to be named due to the sensitivity of the matter.

    Greek foreign minister George Gerapetritis is expected to visit Libya in the coming weeks, an official with the Greek foreign ministry told Reuters on condition of anonymity.

    (Reporting Ahmed Elumami in Tripoli and Angeliki Koutantou in Athens; Editing by Edward McAllister and Emelia Sithole-Matarise)

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