CAIRO, Dec 18: Israel has signed the largest gas export deal in the country’s history with Egypt worth 112 billion shekels ($34.6 billion), Israeli Prime Minister Benjamin Netanyahu said.
“Dear citizens of Israel, today I approved the largest gas deal in Israel’s history. The scope of the deal stands at NIS 112 billion. Out of this, NIS 58 billion will go to the state treasury ? This deal with the American company Chevron involves Israeli partners, and they will supply gas to Egypt. I approved the deal after ensuring our security interests and other vital interests, which I will not detail here in full,” Netanyahu said in a statement on Wednesday.
The deal significantly strengthens Israel’s status as a regional energy power and promotes stability in the region, the Prime Minister added.
According to Israeli newspaper Calcalist, as part of this deal, the consortium holding the rights to develop Israel’s largest gas field, Leviathan, will sell Egypt 130 billion cubic meters of natural gas worth approximately $35 billion by 2040. The agreement is reportedly an update to the existing 2019 gas export agreement, which provided for the export of 60 billion cubic meters. (UNI)
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