Israel has approved what Prime Minister Benjamin Netanyahu described as the country’s “largest ever” natural gas deal, agreeing to supply Egypt with gas valued at nearly $35 billion.
The export agreement, initially signed in August, involves supplying gas from Israel’s Leviathan natural gas field. Speaking on Wednesday in a televised statement, Netanyahu confirmed the approval, saying the deal worth 112 billion shekels ($34.67 billion) includes American energy giant Chevron alongside Israeli partners.
“This deal with the American Chevron company, with Israeli partners, will supply gas to Egypt,” Netanyahu said, noting that the agreement had been delayed by outstanding issues but now secures regional stability.
The deal is expected to ease Egypt’s ongoing energy crisis. The North African nation has spent billions of dollars importing liquefied natural gas after domestic production began declining in 2022, forcing Cairo to abandon ambitions of becoming a regional energy supply hub. Increasingly, Egypt has turned to Israel to bridge the shortfall.
Energy analysts say the agreement not only strengthens economic ties between the two nations but also reinforces regional energy security, ensuring a stable supply of natural gas to meet rising demand in Egypt.
