Israeli PM Netanyahu announces $35 billion gas deal with Egypt as US pushes for summit
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Israeli Prime Minister Netanyahu has announced a $35 billion gas deal with Egypt, while the U.S. promotes a meeting between the two leaders.
Prime Minister Benjamin Netanyahu announced Wednesday evening that Israel and Egypt have agreed to a $35 billion gas deal. The announcement comes as the United States is encouraging a summit between the leaders of both countries.
Netanyahu, in a televised address, called the agreement "the largest gas deal in Israel’s history." He placed the deal's value at approximately $34.6 billion (112 billion shekels).
The agreement involves the American energy firm Chevron and will facilitate gas supplies to Egypt.
"This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region," Netanyahu stated. "It encourages other companies to invest in gas exploration in Israel’s economic waters."
According to an Israeli source with knowledge of the situation, the official approval of the deal had been delayed for months due to internal issues, but ultimately moved forward under pressure from the Trump administration.
President Donald Trump has been actively attempting to broker a meeting between Netanyahu and Egyptian President Abdel Fattah el-Sisi as part of his broader effort to secure regional peace agreements and expand the Abraham Accords.
The Egyptian government has yet to release an official statement regarding the announcement. CNN has reached out to the country’s Ministry of Petroleum and Mineral Resources seeking additional details about the deal.
While Israel and Egypt signed a historic peace agreement in 1979, their leaders have not convened for a summit in over a decade.
A separate Israeli source indicated that Netanyahu's announcement is intended to pave the way for a potential meeting with Sisi.
Netanyahu is scheduled to travel to the United States later this month month to meet with Trump at Mar-a-Lago.
Netanyahu had initially planned to attend a peace summit in Sharm el-Sheikh, Egypt, alongside Trump in October, but he withdrew at the last minute.
Egypt has played a significant role in mediating during the Gaza conflict, but relations between Netanyahu and Sisi have been strained for some time.
