Israel Approves $35 Billion Deal to Export Natural Gas to Egypt
Summarize this article with:
Article content(Bloomberg) — Israel gave the green light to a deal worth 112 billion shekels ($35 billion) to supply natural gas to Egypt from 2026 to 2040, overcoming some pushback on the agreement’s terms. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentPrime Minister Benjamin Netanyahu said in a televised statement Wednesday that he had approved the agreement after his country’s national interests were secured, labeling it “the largest gas deal in Israel’s history.” Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe accord would see 130 billion cubic meters of gas sent to Egypt, according to terms outlined in August.Article contentArticle content“This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region,” Netanyahu said. “It encourages other companies to invest in gas exploration in Israel’s economic waters.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe agreement will see Egypt boost its contracted purchases of gas from Israel’s offshore Leviathan field, operated by US energy giant Chevron Corp.Article contentRead: Egypt Locks In Gas-Import Dependency With New Israel DealArticle contentEnergy Minister Eli Cohen had earlier refused to sign the export license, demanding better pricing for Israel while citing “intense” pressure from the US to seal the pact. He later said that “perception gaps have greatly reduced,” indicating the deal was being finalized.Article content“The state’s revenues from taxes and royalties thanks to the deal will stand at approximately NIS 58 billion, and the scope of direct infrastructure investments in the economy will exceed NIS 16 billion,” Cohen said on Wednesday.Article contentEgypt has bought large volumes of liquefied natural gas since becoming a net gas importer in 2024 due to surging domestic demand and declining output from its own fields. The supply deal with Israel might mean the North African nation can import less LNG in the future.Article contentTrending 'Why let one person in the States change your life?' For Canadian snowbirds, the stay or go dilemma gets complicated Real Estate Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?
Personal Finance Canada's population declines for the first time since the pandemic News Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. 'Why let one person in the States change your life?' For Canadian snowbirds, the stay or go dilemma gets complicated Real Estate Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?
Personal Finance Canada's population declines for the first time since the pandemic News Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas