Israeli Prime Minister Benjamin Netanyahu has secured a historic $35 billion gas deal with Egypt. This announcement was made on Wednesday evening as discussions intensify regarding a potential summit involving U.S. leadership. Netanyahu referred to the agreement as “the largest gas deal in Israel’s history.”
Details of the Gas Deal
The gas deal is estimated to be worth 112 billion shekels, approximately $34.6 billion. Chevron, a prominent American energy company, will play a significant role in supplying gas to Egypt. Netanyahu emphasized the strategic importance of this deal, stating:
- It enhances Israel’s position as a regional energy powerhouse.
- It fosters investment in gas exploration within Israel’s economic waters.
Political Context and Implications
An Israeli source indicated that the approval for this deal faced delays, largely due to pressure from the Trump administration. President Trump is active in setting up a summit aimed at enhancing relations between Israel and Egypt. That summit seeks to advance regional peace initiatives and expand the Abraham Accords.
Despite this significant development, there has been no official response from the Egyptian government regarding the gas deal. CNN reached out to Egypt’s Ministry of Petroleum and Mineral Resources for additional information.
The Historical Background
Israel and Egypt established a pivotal peace agreement in 1979. However, public meetings between leaders of the two nations have been sparse, with nearly a decade passing since their last encounter. This context adds importance to the potential meeting between Netanyahu and Egyptian President Abdel Fattah el-Sisi.
Future Engagements
Netanyahu is scheduled to visit the United States later this month to engage with President Trump at his Mar-a-Lago estate. In recent developments, Netanyahu had planned to attend a peace summit in Sharm el-Sheikh, Egypt, in October but withdrew unexpectedly.
Throughout the ongoing conflict in Gaza, Egypt has remained a crucial player in mediation efforts. Nonetheless, the relationship between Netanyahu and Sisi has historically faced challenges.
