Netanyahu: Israel has approved a natural gas agreement with Egypt

Israel approved a deal to supply natural gas to Egypt. Israeli Prime Minister Benjamin Netanyahu announced the deal on Wednesday. He called it Israel's "largest-ever" gas deal. Israel signed an export agreement with Egypt in August to provide up to $35 billion of gas from the Leviathan natural gas field.

I have approved today the largest gas deal in Israel's?history. In a televised statement, Netanyahu announced that the deal was worth 112 billion shekels (US$34.67 billion). This deal, which is with the American Chevron Company, and Israeli partners, will provide gas to Egypt.

He said that the deal would help secure stability in the area. The deal should help ease Egypt's energy crisis, as the country has spent billions on importing liquefied gas because its own supply fell short of demand.

Egypt's production started to decline in 2022. This forced it to abandon ambitions to become a regional hub. Israel has been increasingly relied upon to cover the shortfall.

(source: Reuters)