Israel Approves $35 Billion Natural Gas Deal with Egypt

Jerusalem: Israeli Prime Minister Benjamin Netanyahu has approved a $35 billion natural gas export deal with Egypt, marking the largest gas agreement in Israeli history. The deal, facilitated by US energy giant Chevron, will see Israel supply Egypt with natural gas over the next 15 years, strengthening Israel's position as a regional energy power and contributing to regional stability.

The agreement is expected to generate significant revenue for Israel, with half of the proceeds going to the state coffers. Netanyahu emphasised that the deal will support education, healthcare, infrastructure, security, and future generations, while Energy Minister Eli Cohen described it as the largest export deal in Israel's history.

The deal is seen as a significant development in Israel-Egypt relations, which have been strained due to the Gaza conflict. Egypt, a key mediator between Israel and Hamas, has been vocal in its criticism of Israel's actions in Gaza. The agreement underscores Israel's ambitions to position itself as a major energy exporter in the Middle East.

In a separate development, German lawmakers have approved an expansion of a defence agreement for Israel's Arrow 3 missile defence system, increasing the deal's value to $6.5 billion, making it Israel's largest defence export deal ever.