Israel signs record gas deal with Egypt worth $34.7bn
Israeli Prime Minister Benjamin Netanyahu has announced the approval of the largest energy deal in the country's history with Egypt. It is a contract for the supply of natural gas worth 112 billion shekels or about $34.7 billion. It is reported by The Public with reference to Times of Israel.
According to Netanyahu, the deal is being implemented with the participation of the American company Chevron and Israeli partners and will bring the state about NIS 58 billion in revenue. In the first four years, the budget will receive an average of NIS 500 million a year, and by 2033, revenues could rise to NIS 6 billion annually.
The prime minister stressed that gas exports are combined with guarantees of energy security and fair prices for the domestic market. He called the agreement strategic and one that strengthens Israel's position as a regional energy centre and contributes to stability in the Middle East.
Energy Minister Eli Cohen said that this is a historic moment and the country's largest export deal. According to him, natural gas is a strategic asset, and the contract will ensure long-term investment in the industry.
The agreement is based on gas supplies from the Leviathan field, one of the largest deepwater gas fields in the world. Production for the Israeli domestic market began in 2019, and exports to Egypt started in 2020. As of September 2025, Egypt has received 23.5 billion cubic metres of gas from Leviathan, which is up to 20 per cent of its consumption.
The contract was previously suspended due to concerns about possible future gas shortages. The Israeli Ministry of Finance has warned that the country could face a shortage of the resource over the next 25 years due to growing domestic demand and active exports.
American media reported that the US actively promoted the deal, seeing it as a tool to deepen cooperation between Israel and Egypt amid tense relations in recent years.
