Israel discovered sizeable natural gas fields off its Mediterranean coast in the early 2000s and began exporting gas, first to Jordan and later to Egypt, nearly a decade ago.
Published: December 19, 2025 12:12 PM IST
Israeli Prime Minister Benjamin Netanyahu on Wednesday evening announced a major gas agreement with Egypt, valued at about USD 35 billion, as the United States pushes for a high-level summit between the two countries. In a televised address, Netanyahu called the agreement the biggest gas deal ever signed by Israel. He said the deal is worth 112 billion shekels, or around USD 34.6 billion.
The agreement involves US-based energy company Chevron and will see Israeli natural gas supplied to Egypt. Netanyahu said the deal would boost Israel’s position as a major energy player in the region and help bring stability. He added that it would also encourage more international companies to invest in gas exploration in Israel’s offshore waters.
“I have today approved the largest gas deal in Israel’s history. The deal is for 112 billion shekels ($34.67 billion),” Netanyahu said in a televised statement.
According to an Israeli official familiar with the matter, Israel had delayed formally approving the deal for several months but eventually gave the green light under pressure from the administration of former US President Donald Trump.
US President Donald Trump has been working to arrange a summit between Israeli Prime Minister Benjamin Netanyahu and Egyptian President Abdel Fattah el-Sisi as part of his push for regional peace deals and an expansion of the Abraham Accords.
Egypt has stressed that the gas agreement with Israel is purely a business deal with no political intent. Egyptian authorities said the agreement was reached only on economic and investment grounds.
“The deal does not involve any political dimensions or understandings whatsoever,” said Diaa Rashwan, head of the Egypt State Information Service, in a statement on Thursday.
Rashwan added that the agreement fits Egypt’s long-term strategy to strengthen its role as the main regional gas trading hub in the Eastern Mediterranean. He also reaffirmed Egypt’s strong position on the Palestinian issue, stressing the country’s continued support for the legitimate rights of the Palestinian people.
Israel discovered sizeable natural gas fields off its Mediterranean coast in the early 2000s and began exporting gas, first to Jordan and later to Egypt, nearly a decade ago.
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