Historic Gas Deal: Israel to Supply Egypt with $35 Billion in Energy

Israel has struck its largest-ever natural gas deal, worth $35 billion, to supply Egypt. This agreement, involving Chevron and Israeli partners, promises to stabilize regional energy supply, addressing Egypt's shortage and reducing its reliance on liquefied natural gas imports, while fostering regional cooperation.

In a landmark agreement announced Wednesday, Israel approved its largest natural gas deal to date, set to supply Egypt with energy valued at $35 billion over the coming years.

The deal, involving American energy giant Chevron alongside Israeli partners, will deliver natural gas extracted from the Leviathan field to help alleviate Egypt's ongoing energy crisis.

Prime Minister Benjamin Netanyahu stated that the agreement, initially signed in August, would enhance regional stability and support Egypt's needs after its domestic gas production dwindled in 2022, foiling its plans to be a regional supply hub.

(With inputs from agencies.)