The Media Line: Israel, Egypt Sign Largest-Ever Gas Deal, Boosting Mideast Economic Ties  

Israel, Egypt Sign Largest-Ever Gas Deal, Boosting Mideast Economic Ties   

By The Media Line Staff  

Israeli Prime Minister Benjamin Netanyahu announced the largest natural gas deal in the country’s history on Wednesday night, involving an agreement with Egypt worth NIS 112 billion ($34.7 billion) that will ultimately mean NIS 58 billion ($18 billion) in revenue.   

The deal calls for Israel to export natural gas from the Leviathan reservoir to Egypt through 2040 and was facilitated by US President Donald Trump.  

In an announcement,  Netanyahu said, “We are working to extract gas from our territorial waters, and our economy is among the best in the world.  

“This deal greatly strengthens Israel’s position as a regional energy powerhouse, and it contributes to stability in our region.”  

Referring to the development coinciding with the Hanukkah holiday, the premier added, “Today we’re on the fourth candle of Hanukkah, and on this day, we’ve brought another jug of oil to the nation of Israel. But this time, the flame will burn not just for eight days, but for decades to come.”  

The agreement also involves the US company Chevron, which will work with Israeli partners to export gas to Egypt. It was under discussion for months and was presented as a key condition for convening a three-way meeting between Israel, Egypt and the United States, expected to take place later this month, according to a Tuesday report by Ynet.  

The report said Egyptian President Abdel Fattah el-Sissi also pressed Israel to pull back from the Philadelphi and Netzarim corridors, citing sources familiar with the talks.  

A US source told Axios the agreement was a “huge opportunity” for Israel that would create “interdependence, get the countries closer together, create a warmer peace, and prevent war.”