Israel has signed the largest natural gas export agreement in its history, sealing a deal with Egypt valued at 112 billion shekels (approximately $34.6 billion), Prime Minister Benjamin Netanyahu announced on Wednesday.
In a public statement, Netanyahu said he had approved the agreement after ensuring that Israel’s security and other vital national interests were safeguarded. “The scope of the deal stands at NIS 112 billion. Out of this, NIS 58 billion will go to the state treasury,” he said, adding that the agreement involves the American energy company Chevron alongside Israeli partners, who will supply natural gas to Egypt.
The prime minister described the deal as a major milestone that significantly strengthens Israel’s position as a regional energy power and contributes to greater stability in the Middle East.
According to Israeli financial daily Calcalist, the agreement is an expansion of the existing 2019 gas export deal between Israel and Egypt. Under the updated terms, the consortium developing Israel’s largest offshore gas field, Leviathan, will export approximately 130 billion cubic meters of natural gas to Egypt by 2040, more than doubling the previous commitment of 60 billion cubic meters.
The Leviathan field is operated by a consortium led by Chevron, and the gas exports are expected to play a key role in meeting Egypt’s domestic energy needs as well as supporting its ambitions to become a regional gas hub through liquefied natural gas (LNG) exports.
