Israel approves natural gas deal with Egypt

(Patria) - Israel has approved a deal to supply Egypt with natural gas, Israeli Prime Minister Benjamin Netanyahu said on Wednesday, describing it as "the largest ever reached", Reuters reported.

Israel signed an export deal in August, which will supply Egypt with up to $35 billion worth of gas from the Leviathan natural gas field.

"Today I approved the largest gas deal in the history of Israel. The deal is worth 112 billion shekels ($34.67 billion)," Netanyahu said in a televised statement.

"This deal with the American company Chevron, with Israeli partners, will supply Egypt with gas."

He added that the deal, which had been delayed due to some unresolved issues, would help ensure stability in the region.

It is expected to alleviate the energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas because its own supplies have been less than demand.
Egyptian production began to decline in 2022, forcing it to abandon its ambitions to become a regional supply hub. Egypt is increasingly turning to Israel to compensate for the shortfall, Reuters reports.