Prime Minister Benjamin Netanyahu has greenlit a landmark energy agreement that will see Israel export natural gas valued at approximately $35 billion to Egypt.
The deal, described by officials as the largest in the nation's history, involves the supply of up to 130 billion cubic metres (bcm) of natural gas from the offshore Leviathan field.
It comes at a pivotal moment for Cairo, which is grappling with frequent power cuts and declining domestic production, and serves to bolster diplomatic and economic ties between the two neighbours despite ongoing regional instability.
Speaking after approving the deal, Israeli Prime Minister Benjamin Netanyahu said that the contract matters for Israel’s strategic and security interests.
"This deal is with the American company Chevron, which has Israeli partners, and they will supply gas to Egypt. I approved the deal after securing our vital security and other interests, which I will not detail here." Netanyahu said.
This deal greatly strengthens Israel's position as a regional energy power, and it contributes to stability in our region." he added.
The agreement arrives as Egypt, once a hopeful hub for liquified natural gas (LNG) exports to Europe, has seen its own output from the Zohr field decline faster than anticipated.
This has forced the populous Arab nation to curb exports and implement rolling blackouts to manage domestic demand.
For Israel, the deal secures a long-term revenue stream, with an estimated $18 billion expected to flow directly into state coffers to fund education, health, and security infrastructure.
The approval follows months of reported delays linked to security concerns in the Sinai Peninsula and broader tensions surrounding the conflict in Gaza.
Analysts indicate that the finalisation of the contract shows a reset, where energy interdependence is being used to stabilise the often fragile peace between the two nations.
Chevron, the US energy giant operating the Leviathan field alongside Israeli partners NewMed Energy and Ratio Energies, will oversee the expanded flows.
The deal extends supply commitments through 2040, ensuring that Israeli gas remains a cornerstone of Egypt's energy mix for the next decade and beyond.
Netanyahu, making a festive allusion to the concurrent Hanukkah holiday, noted that the deal brings "another jug of oil" to Israel, one that will sustain the economy for years to come.
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and ...
Azerbaijan’s State Oil Fund, State Oil Fund of Azerbaijan (SOFAZ), has signed a long-term strategic cooperation agreement worth up to $1.4 billion w...
The United States is placing renewed emphasis on regional partnerships that offer predictability, security cooperation and economic continuity as inst...
Armenia and Azerbaijan will interconnect their energy systems, enabling mutual electricity imports and exports as part of a wider regional transit ini...
A fire alarm prompted the partial evacuation of the Davos Congress Centre on Wednesday evening while Donald Trump was inside the building attending th...
The United Nations says Israeli crews have begun bulldozing the UN Relief and Works Agency (UNRWA) headquarters in east Jerusalem. The move comes amid increasing crackdowns on humanitarian groups.
Israel said on Saturday that the Trump administration’s announcement on the composition of a new Gaza executive board was made without coordination and contradicts Israeli government policy.
Russian President Vladimir Putin held separate calls with Israeli Prime Minister Benjamin Netanyahu and Iranian President Masoud Pezeshkian on 16 January, offering Russia’s help to mediate tensions and promote dialogue in the Middle East.
President Donald Trump announced Thursday evening that the long-awaited “Board of Peace” to oversee Gaza’s reconstruction has officially been formed.
Several locally-developed instant messaging applications were reportedly restored in Iran on Tuesday (20 January), partially easing communications restrictions imposed after recent unrest.
There was a common theme in speeches at the World Economic Forum on Tuesday (20 January). China’s Vice-Premier, He Lifeng, warned that "tariffs and trade wars have no winners," while France's Emmanuel Macron, labelled "endless accumulation of new tariffs" from the U.S. "fundamentally unacceptable."
Dozens of beaches along Australia's east coast, including in Sydney, closed on Tuesday (20 January) after four shark attacks in two days, as heavy rains left waters murky and more likely to attract the animals.
U.S. President Donald Trump said Washington would “work something out” with NATO allies on Tuesday, defending his approach to the alliance while renewing his push for U.S. control of Greenland amid rising tensions with Europe.
At the World Economic Forum’s “Defining Eurasia’s Economic Identity” panel on 20 January 2026, leaders from Azerbaijan, Armenia and Serbia discussed how the South Caucasus and wider Eurasian region can strengthen economic ties, peace and geopolitical stability amid shifting global influence.
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed.
The United States is placing renewed emphasis on regional partnerships that offer predictability, security cooperation and economic continuity as instability deepens across the Middle East and parts of Eurasia
A fire alarm prompted the partial evacuation of the Davos Congress Centre on Wednesday evening while Donald Trump was inside the building attending the World Economic Forum, Swiss authorities said.
Kazakhstan has yet to receive results from two foreign laboratories examining evidence linked to the crash of an Azerbaijan Airlines aircraft near Aktau, delaying the publication of the final investigation report, officials said.
Russian President Vladimir Putin said on Wednesday that Moscow could pay $1 billion from Russian assets frozen abroad to secure permanent membership in Donald Trump’s proposed ‘Board of Peace’.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment