Israeli Prime Minister Benjamin Netanyahu on Wednesday approved a major gas deal with Egypt worth nearly $35 billion.
“This is the largest gas deal in Israel’s history,” Netanyahu said during a televised address. “Of the total 112 billion shekels ($34.7 billion), 58 billion shekels ($18 billion) will go to state coffers.”
The gas deal involves the American company Chevron and Israeli partners, who will supply natural gas to Egypt, Netanyahu added.
Energy Minister Eli Cohen described the agreement as the “largest export deal in the state’s history,” noting its potential impact on Israel’s economy and energy sector.
Netanyahu said the revenue from the gas deal would support education, healthcare, infrastructure, security, and future generations. He also highlighted its role in strengthening Israel’s position as a regional energy power.
The Israeli firm NewMed Energy had announced in August that it signed a $35 billion agreement to supply Egypt with natural gas. According to the firm, the deal will increase the total gas volume exported to Egypt to 130 billion cubic meters.
NewMed CEO Yossi Abu called it “a historic day for the natural gas sector,” emphasizing that the agreement will encourage continued investment in Israel and create regulatory stability for years to come.
However, not everyone welcomed the gas deal. The Israeli NGO Movement for Quality Government expressed deep concern about how the largest gas deal in the country’s history was approved.
The group urged the government to publicly disclose the details of the agreement and explain its impact on Israel’s long-term gas reserves and consumer prices.
The $35 billion gas deal marks a significant milestone in Israel-Egypt energy cooperation and reflects the growing importance of natural gas exports in regional geopolitics. Analysts say transparency and regulatory oversight will be crucial to ensure that the agreement benefits both the economy and the public.
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