In a video statement alongside Energy Minister Eli Cohen, PM Netanyahu said the natural gas deal is worth NIS112 billion (approximately $34.7 Billion). Out of this, NIS58 billion ($18.075 Billion) will go directly into public funds. He added that the state will receive about NIS500 million ($155.82 million) each year in the first four years, rising to nearly NIS6 billion ($1.87 billion) per year by 2033.
Netanyahu said the deal involves the American company Chevron, along with Israeli partners, who will supply natural gas to Egypt. He stressed that the agreement was approved only after ensuring Israel’s security and vital national needs were fully protected.
Netanyahu said ‘the deal will strengthen Israel’s position as a regional energy power and support stability in the wider region. He added that the companies involved will be required to sell natural gas to Israelis “at a good price”.
Energy Minister Eli Cohen called the agreement “a historic moment for Israel” and said it is the largest export deal in the country’s history. He described natural gas as a “strategic asset” for Israel.
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Israeli company ‘NewMed Energy’ had announced the deal in August, estimating its value at about $35 billion. However, the agreement was delayed after Cohen raised concerns about fair prices for Israeli consumers and the long-term impact on Israel’s gas reserves.
Reports said the United States played a key role in pushing both sides toward the deal. However, Washington is believed to see the agreement as a way to improve ties between Israel and Egypt through shared economic interests.
Previously, the relations between the two countries have been strained in recent years following the October 7, 2023, Hamas attack and the Gaza war. According to reports, US President Donald Trump is interested in arranging a summit between Netanyahu and Egyptian President Abdel-Fattah el-Sissi, with the gas deal seen as a key incentive.
In a statement issued later, NewMed Energy said it had received final approval to export gas to Egypt. Israeli gas currently makes up about 15 to 20 percent of Egypt’s total consumption.
Earlier, Israel’s Finance Ministry warned that the country could face a natural gas shortage within the next 25 years if domestic demand continues to grow faster than expected. Gas from the Leviathan field, one of the world’s largest offshore discoveries, has been flowing to Israel since 2019 and to Egypt since 2020.
