Israel has approved a landmark deal to supply natural gas to Egypt, Prime Minister Benjamin Netanyahu announced on Wednesday, calling it the country’s “largest ever” gas agreement. The deal, signed in August, will see Israel supply up to $35 billion worth of gas from the Leviathan natural gas field to Egypt. Netanyahu emphasized that the deal, which had been delayed over unresolved issues, would contribute to regional stability.
The agreement, involving the American Chevron company and Israeli partners, is expected to ease Egypt’s energy crisis, as the country has struggled with gas shortages and spent billions on liquefied natural gas imports. The deal involves an estimated 130 billion cubic metres of gas, with exports set to continue until 2040. It is seen as a significant step in strengthening Israel’s status as a regional energy power.
The U.S. State Department called the deal a “major win” for American business and regional cooperation, noting its potential to enhance energy security and stabilize the region. The deal also marks a historic milestone for Israel’s natural gas sector, securing long-term investments and regulatory stability.
