Israeli PM Netanyahu Hails ‘Historic’ $15 Billion Deal to Export Natural Gas to Egypt

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Israel’s prime minister, Benjamin Netanyahu, cheered this week the signing of what’s being billed as a “historic” deal valued at $15 billion that will allow the Jewish nation to export natural gas to Egypt.

The gas will come from Israel’s Tamar and Leviathan fields.

Here’s a little background on the development of Tamar:

The Algemeiner has more:

Prime Minister Benjamin Netanyahu hailed on Monday the signing of a “historic” $15 billion deal to export Israeli natural gas to Egypt.

The profits from the agreement, Netanyahu said, will benefit the “education, health and social welfare” of all Israelis.

“This is a joyous day,” the prime minister declared.

The deal on the sale of natural gas extracted from Israel’s Tamar and Leviathan fields in the Mediterranean Sea was announced on Monday by Delek Drilling.

And Ahval News has this:

Reuters news agency quoted the Israeli Prime Minister Netanyahu saying that the agreement between two countries would strengthen Israeli economy and “strengthen regional ties.”

“The partners in Israel’s Tamar and Leviathan offshore gas fields said they have signed with private Egyptian firm Dolphinus Holdings to supply a total of around 64 billion cubic meters of gas over a decade – with half coming from each field and the proceeds split equally between them.”

Israeli energy minister Yuval Steinitz was quoted calling the deal the most significant export deal with Egypt since the historic peace treaty between countries in 1979.

The CEO of Delek subsidiary Delek Drilling Yossi Abu was quoted saying “Egypt is becoming a real gas hub,” to Reuters. “This deal is the first deal of potentially more to come.”

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