Debate Over Maritime Border Delimitation and Gas Line in the Eastern Mediterranean
January 6, 2025, 8:20 am

Debate Over Maritime Border Delimitation and Gas Line in the Eastern Mediterranean

خط الغاز القطري إلى اوروبا

A significant number of Syrians expressed their strong dissatisfaction following reports of the commencement of maritime border delimitation in the Eastern Mediterranean, in addition to discussions about the Arab Gas Pipeline intended to connect Egypt with Jordan, Lebanon, Syria, then Turkey, and ultimately to Europe, under the current caretaker Syrian government.

Syrian journalist Ahmad Al-Rihawi stated in a tweet on X platform: “Mr. Al-Shaibani, we confirm that you have no right to enter into strategic agreements or otherwise. - The Qatari gas line should only pass through official diplomatic channels after the elections. - Maritime border delimitation with Turkey is not within your authority, and you do not have the legal, constitutional, or public legitimacy to undertake such matters. With utmost respect.”

On the other hand, Turkish Minister of Transport and Infrastructure Abdulkadir Uraloğlu stated at the end of December that any agreement regarding this matter would enhance the influence of both countries in exploring energy resources, explaining that any future arrangements would be made in accordance with international laws. The Turkish minister affirmed that Ankara hopes to reach an understanding with the new Syrian administration regarding maritime border delimitation, noting that a potential agreement would allow both countries to expand their oil and gas exploration areas according to international legal frameworks.

It is noteworthy that the idea of creating the Qatari-Turkish gas line, which passes through the aforementioned Arab countries, dates back to 2009 when the project was discussed at a summit in Istanbul between Recep Tayyip Erdoğan, then Prime Minister of Turkey, and the Emir of Qatar, Sheikh Hamad bin Khalifa Al Thani. The goal of the project was to connect the Qatari North Gas Field to Turkey via a line spanning 1,500 kilometers at an estimated cost of around $10 billion.

Observers believe that the project could enhance the energy sector in Syria, which possesses significant potential. This sector could contribute to the efforts of rebuilding the state, particularly if Syria can restore its oil production levels to pre-war figures of around 400,000 barrels per day, with reports indicating that production once reached half a million barrels daily. Annual revenues could reach up to $15 billion at a price of $70 per barrel, resources that may be desperately needed to rebuild its infrastructure devastated by the conflict.

However, activist Mohamed Jamil views the signing of strategic agreements by the interim government as an attempt to solidify its authority, indicating that such decisions fall within the remit of a government elected by the Syrian people, not the responsibilities of a caretaker administration.

Israeli Alert and Maneuvers.. As "Honest Promise 3" Iranian Operation Approaches Biden Eases Humanitarian Aid Restrictions to Syria Without Lifting Sanctions

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.