US EditionIsrael Approves Historic $35B Gas Deal with Egypt
The $35 billion deal will supply natural gas to Egypt over 15 years, with half the proceeds boosting Israeli state revenues and enhancing regional energy influence.
- On Wednesday, Prime Minister Benjamin Netanyahu approved the largest natural gas export deal in Israel's history, valued at about 112 billion shekels , committing Israel to supply gas to Egypt over 15 years via Chevron, U.S. energy firm.
- After months of delays and objections, final approval was stalled over pricing, domestic supply guarantees and diplomatic sensitivities until U.S. Energy Secretary Chris Wright canceled a visit, pushing Israel to act.
- Officials project that state revenues will include NIS 58 billion for public coffers, with Israel receiving NIS 500 million in the first four years and infrastructure investment totaling 16 billion shekels .
- The pact could ease tensions with Egypt and Netanyahu said it 'greatly strengthens Israel’s position as a regional energy power' while The White House said it would facilitate a Netanyahu–Sisi meeting if approved.
- The pact would raise supplies to Egypt to 130 billion cubic metres, supply about 25% of Egypt's electricity grid, and include a 2032 safeguard letting the Petroleum Commissioner cut exports to meet domestic demand.
68 Articles
68 Articles
Israel approves 34 billion natural gas deal with Egypt
Israel approves $34 billion natural gas deal with Egypt. Jerusalem signs its largest-ever gas export deal with Chevron and partners, solidifying its role as a regional energy hub. The post Israel approves 34 billion natural gas deal with Egypt appeared first on Jerusalem World News.
Israel Approves ‘Historic’ USD 35 Billion Gas Deal with Egypt
Israeli Prime Minister Benjamin Netanyahu announced on Wednesday 17 December the approval of what he described as the “largest gas deal in Israel’s history,” set to supply natural gas to Egypt from the Leviathan natural gas field (one of the largest natural gas fields in the Eastern Mediterranean). The agreement, valued at approximately EGP 1 trillion (USD 35 billion) was initially signed in August and involves the American company Chevron as w…
Netanyahu announces 'largest ever' $35 billion Israel-Egypt natural gas deal
Under the deal with U.S. energy giant Chevron, Israeli companies will partner in supplying gas to Egypt. According to a diplomatic source, the Trump administration pressured Netanyahu to approve the agreement after he stalled
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