‘Historic moment’: Netanyahu announces $34.7 billion natural gas deal with Egypt |
Prime Minister Benjamin Netanyahu announced on Wednesday that he had approved the largest energy deal in Israel’s history, with neighboring Egypt, which is expected to boost Israel’s economy by billions of shekels in the coming years.
In a video statement alongside Energy Minister Eli Cohen, Netanyahu said that the natural gas deal with Cairo was worth NIS 112 billion ($34.7 billion), of which NIS 58 billion ($18 billion) would go into public coffers. In the first four years, he said, around NIS 500 million ($155 million) would go to the state yearly, and this was expected to climb to NIS 6 billion per year ($1.9 billion) by 2033.
“The agreement is with the American company Chevron, with Israeli partners who will supply gas to Egypt,” Netanyahu said.
“This money will strengthen education, health, infrastructure, security, the future of the coming generations,” said Netanyahu, adding that he only approved the deal, which was held up in October, after he had ensured that it met Israel’s vital needs, including security.
“The deal greatly strengthens Israel’s position as a regional energy superpower, and contributes to regional stability,” argued Netanyahu, adding that it would encourage other countries to search for gas in Israel’s waters.
He stressed that the companies would be required to sell natural gas to Israelis “at a good price.”
“We have brought another jug of oil to the nation of Israel,”........