Largest gas agreement in Israel’s history set to supply Egypt through 2040
Israel has formally approved a $35 billion natural gas export deal with Egypt, marking the largest gas agreement in the country’s history and a major development in Eastern Mediterranean energy trade.
The deal allows gas from Israel’s Leviathan offshore field to be supplied to Egypt under long-term contracts extending to 2040. Israeli Prime Minister Benjamin Netanyahu described the approval as a strategic milestone, while energy companies involved welcomed the decision after months of regulatory delays.
Egyptian authorities emphasized that the agreement is strictly commercial, involving private energy firms rather than direct government participation. The deal is expected to help Egypt manage persistent energy shortages caused by declining domestic gas production and increased demand.
Energy analysts note that the agreement could strengthen regional energy cooperation while reinforcing Israel’s position as a key gas exporter.
Source: OE Digital; OilPrice.com