Netanyahu approves $35bn gas export deal with Egypt

Israeli Prime Minister Benjamin Netanyahu said on Wednesday that he had approved a major natural gas export agreement with Egypt worth nearly $35 billion, calling it the largest gas deal in Israel’s history.

Speaking in a televised address, Netanyahu said the deal is valued at 112 billion shekels ($34.7 billion), of which 58 billion shekels ($18 billion) would go directly to state revenues. He said the agreement involves the US energy company Chevron alongside Israeli partners, who will supply gas to Egypt.

Energy Minister Eli Cohen, who appeared alongside Netanyahu, described the agreement as the biggest export deal ever signed by the country.

Netanyahu said the revenues would help strengthen education, healthcare, infrastructure and security, while also enhancing Israel’s position as a regional energy power.

Israeli energy firm NewMed Energy had announced in August that it signed a $35 billion agreement to supply natural gas to Egypt. According to the company, the deal would raise the total volume of gas supplied to Egypt to 130 billion cubic metres.

In a statement released later on Wednesday, NewMed chief executive Yossi Abu described the approval as a historic moment for Israel’s natural gas sector, saying it would ensure continued investment and long-term regulatory stability.

However, the Israeli NGO Movement for Quality Government criticised the approval process, saying it was deeply concerned about how the deal was authorised. The group called on the government to make the agreement’s details public and clarify its impact on long-term gas reserves and domestic consumer prices.