ALBAWABA- Israeli Prime Minister Benjamin Netanyahu announced on Wednesday the ratification of a landmark natural gas export agreement with Egypt, calling it “the largest in Israel’s history,” valued at approximately NIS 112 billion (around $35 billion).
The deal, centered on the offshore Leviathan reservoir, expands and extends gas supplies to Egypt through 2040, adding up to 130 billion cubic meters.
Initially signed in August 2025 by Leviathan partners led by NewMed Energy, ratification faced delays over domestic pricing and security concerns raised by Energy Minister Eli Cohen.
Netanyahu described the agreement as a major economic boost, highlighting Israel’s transition from gas importer to regional exporter. The deal supports Egypt’s growing liquefaction and re-export capacity via its Mediterranean facilities while generating substantial revenues for Israel.
The agreement builds on existing exports that began in 2020, which have already delivered over 23 billion cubic meters, and strengthens bilateral energy ties despite political tensions, including Gaza operations and Egyptian troop deployments in Sinai.
The ratification is viewed as a confidence-building step that reinforces the economic foundations of the 1979 peace treaty and may ease Cairo’s reservations on broader regional normalization.
Ahead of his year-end visit to Washington to meet President Donald Trump at Mar-a-Lago, Netanyahu framed the deal as a success in Israel’s economic diplomacy, aligning with U.S. efforts to promote Arab-Israeli integration and energy stability in a volatile Middle East.
