Israeli Prime Minister Benjamin Netanyahu has announced a 35 billion dollars gas deal with Egypt.
In a televised statement last evening, Netanyahu hailed the agreement as the largest gas deal in Israel’s history. The deal involves an American energy company with Israeli partners who will supply gas to Egypt.
Netanyahu said, This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in the region. It encourages other companies to invest in gas exploration in Israel’s economic waters.
The gas will be delivered to Egypt over the next 15 years by U.S. energy giant Chevron, a key owner of the gas field off Israel’s coast in the Mediterranean Sea. Half of the proceeds are expected to go to Israel’s state coffers.
In a recorded video statement, Mr. Netanyahu said the deal “greatly strengthens Israel’s position as a regional energy power, and it contributes to stability in our region.”
Egypt, which borders both Israel and Gaza, has served as a key mediator between Israel and the Palestinian militant Hamas group leading up to the U.S.-brokered ceasefire that was agreed on in October.
Cairo has also has been a vocal critic of Israel’s offensive, which has killed tens of thousands of Palestinians and caused widespread destruction in Gaza.