Netanyahu Announces Landmark €30 Billion Gas Sale to Egypt
The deal, described as Israel's largest-ever export contract, aims to bolster regional stability and address Egypt's energy crisis.
Israeli Prime Minister Benjamin Netanyahu announced he has greenlit a €30 billion deal to sell natural gas to Egypt, describing it as the largest export contract ever signed by the country.
In a televised address, Netanyahu stated he approved an agreement valued at 112 billion shekels, reached in collaboration with U.S. energy firm Chevron. Of this amount, 58 billion shekels, or approximately €15.3 billion, will be directed to Israel’s state coffers, he said.
Energy Minister Eli Cohen echoed the deal’s significance, confirming its strategic importance for the country. “This is the largest natural gas export agreement in Israel’s history,” Cohen stated.
The Israeli prime minister said the natural gas agreement is expected to contribute to regional stability and support Egypt in addressing its energy crisis. Egypt has spent billions of dollars in recent years on liquefied natural gas imports as its domestic production failed to meet demand.
Egypt’s natural gas output began to decline in 2022, forcing the country to abandon its plan to become a regional supply hub. Since then, observers of the energy sector note that Cairo has turned to Israel to cover its growing needs.
