Israel clears path for major gas exports to Egypt

Israeli Prime Minister Benjamin Netanyahu announced Wednesday evening that Israel has finalized a major natural gas export agreement with Egypt, calling it the largest export deal in the country’s history.

In a recorded statement, Netanyahu said the total value of the agreement is estimated at around $34 billion, with $18 billion expected to flow into state revenues over the life of the deal.

The announcement coincided with a disclosure by NewMed Energy, which informed the Tel Aviv Stock Exchange that it had received official authorization to export natural gas to Egypt. 

The approval, granted by Israel’s Energy Ministry, clears the way for the implementation of an export agreement signed in August and valued at roughly $35 billion.

According to the company, the authorization includes safeguards to ensure that Israel maintains competitive domestic gas prices and that sufficient supplies remain available for the local market. These assurances were a key condition for government approval of the exports.

The decision also opens the door to a final investment decision on the expansion of the Leviathan gas field, Israel’s largest offshore reservoir. The planned expansion is expected to significantly boost production capacity, strengthening Israel’s position as a key natural gas supplier in the Eastern Mediterranean.

Officials say the deal reinforces Israel’s energy ties with Egypt while supporting long-term economic growth, state revenues, and regional energy cooperation.