Israel Approves $37 Billion Deal to Deliver Gas to Egypt
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Israel has given the green light to a $37 billion agreement that will significantly increase gas exports to Egypt, a move hailed as strengthening regional ties.
Israel has approved a $37 billion agreement to significantly expand gas deliveries to Egypt, Prime Minister Benjamin Netanyahu announced Wednesday. He called it the “largest gas deal” in the nation’s history.
Netanyahu stated the agreement, which grants an export permit to Chevron and other energy companies, will enhance Israel's regional standing and generate approximately $18 billion in taxes and revenue over time. He also suggested it would help keep energy prices affordable for Israeli consumers.
"This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region," Netanyahu said in a statement.
While the announcement was met with enthusiasm, some analysts noted its delayed arrival, as the deal was initially reached and announced months ago.
In August, the owners of the Leviathan gas field in Israel, primarily NewMed Energy (an Israeli company) and Chevron (an American energy giant), revealed they had agreed with Egypt to significantly increase and extend a 2019 arrangement.
The agreement between companies in Israel and Egypt hinged on Israel granting the export permit. According to a NewMed Energy spokesperson on Wednesday, the permit approval from Israel represented the final step necessary to complete the deal.
