Israel has announced the signing of a major $35 billion agreement to export natural gas to Egypt, described as “the largest in Israel’s history,” according to Minister of Energy in the Israeli government, Eli Cohen.
NewMed Energy, a partner in the occupied Leviathan gas field, said the deal includes the sale of about 130 billion cubic metres of natural gas to Egypt until 2040, or until the total contracted amount is delivered.
In a post on social media on Thursday, Cohen said that signing the largest gas deal in history is an important development in terms of security, politics, and the economy.
He added that it strengthens Israel’s position as a leading regional energy power that neighbouring countries rely on and need. It is also great news for the economy, as billions of dollars will flow into the state treasury, new jobs will be created, and the economy will be supported.
Israel’s public broadcasting authority reported that “this deal comes in addition to the previous export agreement signed in 2019, which covered 60 billion cubic metres, meaning that the export volume to Egypt will triple.”
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