Prime Minister Benjamin Netanyahu announced Wednesday evening that Israel had finalized a natural gas export deal with Egypt, which he described as "the largest in Israel's history."
In a recorded statement, Netanyahu said the total value of the deal was estimated at about 112 billion shekels, roughly $34 billion, with 58 billion shekels, about $18 billion, expected to flow into state coffers.
At the same time as Netanyahu's announcement, NewMed Energy reported to the Tel Aviv Stock Exchange that it had received approval to export natural gas to Egypt. The authorization, granted by the Energy Ministry, allows the implementation of the export agreement signed in August, which is valued at approximately $35 billion.
As part of the approval, assurances were given that Israel would maintain attractive domestic natural gas prices and that gas supplies to the local market would be secured. The decision also paves the way for a final investment decision on the expansion of the Leviathan gas field, a move expected to significantly increase production capacity from the reservoir.
