Turkish FM admits maritime memorandum with Libya not an international agreement since UN-backed government not authorized to sign – Nordic Monitor

Turkish Foreign Minister Mevlüt Çavuşoğlu said at a Tuesday parliamentary committee meeting on his ministry’s 2023 budget that a maritime agreement signed between Turkey and Libya in 2019 is merely a memorandum and that it can’t be approved by the Libyan parliament. Main opposition lawmaker and former ambassador Ünal Çeviköz had asked the minister what […]

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Egypt-Libya-Greece gas pipeline: a new alternative route for blue gold? | Nova News

The idea is to build two gas pipelines, in addition to the current pipeline with Italy: one to connect the North African country to Greece through the Mediterranean, while the other should reach the gas terminals of Damietta, Egypt, approximately 200 kilometers north of Cairo La Libya is studying a new, ambitious project that could

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The Geo-Politics Of Natural Gas To Europe – Analysis – Eurasia Review

It seemed like a good idea at the time. In January 2022, as Russian troops were massing on Ukraine’s border, the U.S. government withdrew support for the EastMed natural gas pipeline, claiming the project conflicted with the environmental goals of the administration of U.S. President Joe Biden, and created tensions in the region. The pipeline, set to be completed by

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The Libyan EEZ challenge – JNS.org

Israel should reject Turkey’s claims in the Eastern Mediterranean. (November 23, 2022 / Jerusalem Institute for Strategy and Security) Israel’s recent rapprochement with Turkey need not preclude Jerusalem taking a firm stand on Ankara’s claims in the Eastern Mediterranean. Indeed, Israel must again reject the Memorandum of Understanding signed in October between Turkey and the

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Turkey Is Now Suffering From Hyper-Inflation, According to Spanish Bank, BBVA | naked capitalism

The accounting rules apply retroactively from Jan 1 of the year in question. The impact on BBVA’s first quarter results will be reflected in the bank’s second quarter income statement. The official inflation rate in Turkey is currently above 70% and BBVA’s base-case scenario is that it will not fall below 60% at any point this year.

This is why BBVA has decided to apply hyperinflation accounting, which will wipe out €324 million from the bank’s P&L statement for the first quarter. Instead of providing €249 million in profits, BBVA Garanti will have generated €75 million in losses. Looking to the rest of the year, BBVA expects Garanti’s earnings in Turkey to be non-material to its overall performance, in light of the nation’s expected inflation. Despite taking a huge chunk out of BBVA’s profits, the adoption of IAS 29 does have a silver lining: it increases the bank’s Tier 1 capital ratio by 19bp to 12.89% in Q1 and raises its book value by €254 million.

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Egypt, Greece, Cyprus sign power linkage agreement in Athens – Ahram Online

The ninth trilateral summit, focusing on energy and boosting trilateral cooperation, is part of a cooperation mechanism launched in 2014 between the three countries. Egypt on Saturday signed an accord with Cyprus on linkage between the two countries’ electricity transmission networks. Two days earlier, Egypt also signed with Greece an agreement on an undersea cable

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Von der Leyen: Turkey ‘further away’ from EU | eKathimerini.com

Turkey is now further away from the EU compared to what was happening a quarter of a century ago, according to European Commission President Ursula von der Leyen, in an interview given to a small number of European newspapers, including Kathimerini.

Commenting on the choice by Turkish President Recep Tayyip Erdogan not to apply European sanctions against Russia, von der Leyen noted that alignment is important in the accession process, adding that Ankara’s reluctance shows a lot about its willingness to join the European Union.

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