Israel Approves $35 Billion Gas Export Deal with Egypt

Israeli Prime Minister Benjamin Netanyahu announced on Wednesday the approval of a landmark natural gas export agreement with Egypt, valued at 112 billion shekels, or about 35 billion U.S. dollars, marking the largest such deal in the country's history. The agreement, centered on the offshore Leviathan field in the Mediterranean Sea, will supply Egypt with up to 130 billion cubic meters of gas through 2040, addressing the North African nation's ongoing energy shortages.

The deal builds on an initial export agreement signed in August between Chevron, the field's operator, and its Israeli partners NewMed Energy and Ratio Oil Exploration. Netanyahu stated in a televised address that the approval followed the resolution of outstanding issues, ensuring Israel's national interests were protected. "This deal greatly strengthens Israel's status as a regional energy power and contributes to stability in our region," he said. The prime minister emphasized that it would generate approximately 58 billion shekels in state revenues from taxes and royalties, while encouraging further investment in gas exploration.

Energy Minister Eli Cohen, who joined Netanyahu at a joint press conference,...