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israel has given the biggest approval ever natural gas deal, prime minister benjamin netanyahu The announcement was made on Wednesday, confirming an agreement for supplies egypt,
The deal is valued at an estimated $34.67 billion. Export agreement signed in August beam and its partners Numed and Ratio will see gas flow from the Leviathan natural gas field.
“Today I have approved the largest gas deal in Israel’s history. The deal is worth 112 billion shekels ($34.67 billion),” Mr Netanyahu said in a televised statement.
Netanyahu said the agreement “significantly strengthens Israel’s position as a regional energy power, and it contributes to stability in our region.”
It is also expected to ease the energy crisis in Egypt, which has spent billions importing liquefied natural gas as its supply fell short of demand.
A Chevron spokesman welcomed Israel’s decision to issue a permit to export natural gas from the Leviathan Reservoir to Egypt.
Chevron said in November it was near a final investment decision for the expansion of the Leviathan gas field on Israel’s Mediterranean coast. But Israel was waiting for a permit to export gas to Egypt.
Israel discovered massive natural gas fields off its Mediterranean coast in the early 2000s and began exporting gas about a decade ago – first to Jordan and later to Egypt.
Under the deal, Leviathan, which has reserves of about 600 billion cubic metres, will sell about 130 bcm of gas to Egypt until 2040 or until all contract values are met, NewMed said in a statement.
Egypt’s production began to decline in 2022, forcing it to abandon its ambitions to become a regional supply hub. To fill this gap, it has increasingly turned towards Israel.
Egypt, which borders both Israel and Gaza, has served as a key mediator between Israel and the Palestinian militant Hamas group. Leading to a US-brokered ceasefire which was agreed to in October.
cairo He has also been a vocal critic of Israel’s offensive, which has killed thousands of Palestinians and caused widespread destruction in Gaza.