This agreement represents the largest export deal in the history of the State of Israel, valued at $35 billion. It marks a strategic shift in its regional position as a major energy supplier in the Eastern Mediterranean, according to the Israeli newspaper Maariv on Thursday.
According to the newspaper, the first phase of the deal involves exporting around 20 billion cubic meters from the ‘Leviathan’ field to the Egyptian market in the coming period. The second phase of the agreement is expected to begin once the infrastructure of the ‘Leviathan’ field, Israel’s largest gas field, is expanded. This phase includes the export of up to 110 billion cubic meters of natural gas, bringing the total agreed quantities to approximately 130 billion cubic meters.
According to the newspaper, this deal is an extension of the existing gas export agreement between the two sides since 2019, which stipulates the export of about 60 billion cubic meters of gas to Egypt. The new deal expands this cooperation unprecedentedly and underscores the growing economic relations between Tel Aviv and Cairo in the energy sector, according to the newspaper, which noted that the ‘Leviathan’ field contains reserves estimated at about 600 billion cubic meters of natural gas.
