Egypt and Israel sign a $35B gas deal

Israeli Prime Minister Benjamin Netanyahu announced a $35 billion gas deal with Egypt on Wednesday evening as the US pushes for a summit between the leaders of the two countries.

In a televised statement, Netanyahu hailed the agreement as “the largest gas deal in Israel’s history.” He said the deal was valued at 112 billion shekels (about $34.6 billion).

The deal involves American energy company Chevron and will supply gas to Egypt.

“This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region. It encourages other companies to invest in gas exploration in Israel’s economic waters,” said Netanyahu.

According to an Israeli source familiar with the matter, Israel had delayed the official approval of the deal for months, ultimately folding under pressure from the Trump administration.

US President Donald Trump has been trying to arrange a summit between Netanyahu and Egyptian President Abdel Fattah el-Sisi as he pursues regional peace deals and an expansion of the Abraham Accords.

Egypt has said the gas agreement with Israel is strictly a commercial transaction, concluded solely on economic and investment grounds, with no political motivations.

The agreement “does not involve any political dimensions or understandings whatsoever,” Diaa Rashwan, chairman of the Egypt State Information Service, said in a statement Thursday.

“The deal fits within Egypt’s broader strategic goals, particularly the country’s objective to reinforce its position as the key regional gas trading hub in the Eastern Mediterranean,” Rashwan added.

Rashwan affirmed Egypt’s firm stance on the Palestinian cause, underscoring the country’s unwavering support for the legitimate rights of the Palestinian people.