“Israel” approves $35B natural gas deal with Egypt

OCCUPIED PALESTINE, Dec. 18 (YPA) – Israeli Prime Minister Benjamin Netanyahu said on Wednesday that he had approved a gas deal worth 112 billion shekels (about 34.7 billion U.S. dollars) under which Israel will supply natural gas to Egypt.

Calling it the “largest gas deal in Israel’s history,” Netanyahu said about 58 billion shekels from the deal will flow into the state treasury.

Netanyahu emphasized that the agreement is “economically and politically important,” noting that he approved it after considering “necessary security considerations,” without disclosing details due to their sensitive nature.

According to the U.S. news outlet Axios, the unprecedented deal is valued at $35 billion.

Energy Minister Eli Cohen, speaking alongside Netanyahu, described the approval of the agreement as “a historic moment” for Israel, both diplomatically and economically.

Cohen said the approval followed several months of intensive negotiations, and that gas companies are expected to invest more than 16 billion shekels in gas infrastructure under the deal.

This agreement comes amid a significant energy gap in Egypt, as domestic gas production reached 4.2 billion cubic feet per day in 2024, while local consumption stands at 6.8 billion cubic feet per day.

As a result, Egypt currently depends on Israel for approximately 60% of its total natural gas imports. Imports increased to 1.1 billion cubic feet per day in October 2025, with plans to raise them further to 1.3 billion cubic feet per day by the end of the year.

@E.Y.M