JERUSALEM

Israeli Prime Minister Yair Lapid on Tuesday announced reaching a "historic deal" with Lebanon on their maritime border dispute.

In a statement, Lapid said the deal will "strengthen Israel's security, inject billions into Israel's economy, and ensure the stability of our northern border."

He added that the Israeli Cabinet will convene soon to approve the agreement.

Earlier Tuesday, Lebanon said it was satisfied with a US draft on maritime border demarcation with Israel, saying the draft preserves the country’s "rights to its natural wealth."

Lebanon and Israel have been locked in a dispute over a maritime area of 860 square kilometers (332 square miles), according to maps sent by both countries to the UN in 2011.

The area is rich in natural gas and oil. Starting in 2020, five sessions of indirect negotiations have been held on the issue under UN sponsorship and US mediation, with the latest round held in May 2021.

* Writing by Ahmed Asmar