A significant gas supply deal between Egypt and Israel is about to be finalized. It calls for the shipment of 13% of Egypt’s total natural gas and 22% of the resources from Leviathan, Israel’s largest gas well, to Cairo over a number of years. The agreement, which has been delayed for two years, is anticipated to be signed within the next two weeks.
The deal, which will increase Israeli exports by 2028, was dubbed the “largest” in the Hebrew state’s history by New Energy, a partner in the Leviathan field. The business declared that Egypt would purchase up to $35 billion (€30 billion) worth of 130 billion cubic meters of Israeli gas until 2040.
The project is an extension of the 2019 deal that Egyptian President Abdel Fattah el-Sisi and Israeli Prime Minister Benjamin Netanyahu signed, which called for the shipment of just about 60 billion cubic meters by the early 2020s.
In addition to providing Egypt with a steady supply for its power plants and bolstering the nation’s liquefied natural gas (LNG) industry, the project enables Israel to expand its natural gas production and export it to markets in Asia and Europe.
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