Netanyahu Announces Israel's Largest Natural Gas Deal with Egypt
Netanyahu announces Israel's largest natural gas deal in history with Egypt worth 112 billion shekels.
SUMMARY
Israeli Prime Minister Benjamin Netanyahu announced the largest natural gas deal in Israel's history with Egypt, valued at 112 billion shekels, aimed at enhancing regional stability and easing Egypt's energy crisis.
KEY HIGHLIGHTS
- Israel signs largest natural gas deal with Egypt worth 112 billion shekels.
- The deal involves American company Chevron and Israeli partners.
- The deal will help enhance regional stability and ease Egypt's energy crisis.
- Egypt's gas production has declined since 2022, forcing it to import gas from Israel.
CORE SUBJECT
Natural gas deal between Israel and Egypt
Israeli Prime Minister Benjamin Netanyahu announced today, Wednesday, that Israel has agreed to a natural gas deal with Egypt, describing it as the "largest gas deal" in Israel's history.
In August, Israel signed a gas export agreement to Egypt valued at $35 billion from the Leviathan natural gas field.
Netanyahu said in a televised statement, "Today I approved the largest gas deal in Israel's history, worth 112 billion shekels ($34.67 billion). This deal, made with the American company Chevron and Israeli partners, will enable Egypt to obtain gas."
He added that this deal, which was delayed due to some outstanding issues, will contribute to enhancing stability in the region.
It will help alleviate the energy crisis in Egypt, which has spent billions of dollars importing liquefied natural gas since its domestic production became insufficient to meet demand.
Egypt's gas production began to decline in 2022, forcing it to abandon its ambitions to become a regional supply hub. It increasingly turned to Israel to fill the shortfall.
KEYWORDS
MENTIONED ENTITIES 5
Benjamin Netanyahu
👤 Person_MaleIsraeli Prime Minister
Israel
📍 Location_CountryCountry in the Middle East
Egypt
📍 Location_CountryCountry in North Africa
Chevron
🏛️ OrganizationAmerican energy company
Leviathan Field
OtherNatural gas field in Israel
NOTABLE QUOTES 2
"Today I approved the largest gas deal in Israel's history, worth 112 billion shekels ($34.67 billion). This deal, made with the American company Chevron and Israeli partners, will enable Egypt to obtain gas."
Context: Televised statement
"This deal, which was delayed due to some outstanding issues, will contribute to enhancing stability in the region."
Context: Televised statement