Netanyahu announces $35 Billion gas deal with Egypt

Israeli Prime Minister Benjamin Netanyahu announced on Wednesday evening the signing of a landmark natural gas agreement between Israel and Egypt, valued at 112 billion shekels ($35 billion), making it the largest energy deal in Israel’s history.

Speaking during a joint statement alongside Energy Minister Eli Cohen, Netanyahu said he had approved the agreement with the U.S.-based energy company Chevron after ensuring that Israel’s vital security interests were fully safeguarded.

According to the prime minister, 58 billion shekels from the deal will flow directly into Israel’s state treasury. 

“This is the largest gas transaction in the history of the State of Israel,” he said, noting that the agreement obliges energy companies to sell gas at prices favorable to Israeli consumers.

Netanyahu explained that during the first four years, the state is expected to receive around 500 million shekels, with annual revenues eventually rising to nearly six billion shekels. These increases will be driven in part by major infrastructure investments, including the expansion of gas pipelines.

He added that the revenues will be allocated to strengthening key sectors such as education, healthcare, industry, and defense, as well as securing “the future of generations to come.”

Addressing earlier criticism of natural gas development in the Eastern Mediterranean, Netanyahu said the projects have ultimately delivered substantial economic gains for Israel. He concluded that the agreement reinforces Israel’s position as a regional energy power and contributes to greater strategic stability in the Middle East.