Israel approves natural gas deal with Egypt, Netanyahu says

Israel has approved a natural gas agreement with Egypt, Israeli Prime Minister Benjamin Netanyahu said on Wednesday, describing it as the country's "largest ever" gas deal.

Israel signed the export agreement in August, to supply up to $35 billion of gas to Egypt from the Leviathan natural gas field.

"I have today approved the largest gas deal in Israel's history. The deal is for 112 billion shekels ($34.67 billion)," Netanyahu said in a televised statement. "This deal with the American Chevron company, with Israeli partners, will supply gas to Egypt."

He added that the deal, which had been held up over some outstanding issues, would help secure stability in the region.

It should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.

Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.

Reuters