Netanyahu approves a $35 billion natural gas export deal to Egypt, the biggest in Israeli history
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu said on Wednesday that he has approved a $35 billion natural gas export deal to Egypt, the biggest gas deal in Israeli history. The agreement could also help repair relations between the two countries strained during the two-year war in the Gaza Strip.
The gas will be delivered to Egypt over the next 15 years by U.S. energy giant Chevron, a key owner of the gas field off Israel’s coast in the Mediterranean Sea. Half of the proceeds are expected to go to Israel’s state coffers.
In a recorded video statement, Netanyahu said the deal “greatly strengthens Israel’s position as a regional energy power, and it contributes to stability in our region.”
Egypt, which borders both Israel and Gaza, has served as a key mediator between Israel and the Palestinian militant Hamas group leading up to the U.S.-brokered ceasefire that was agreed on in October. Cairo has also has been a vocal critic of Israel’s offensive, which has killed tens of thousands of Palestinians and caused widespread destruction in Gaza.
Egypt did not immediately confirm Netanyahu’s announcement.
Israeli Energy Minister Eli Cohen, a close Netanyahu ally, previously held up the deal with Egypt, claiming the terms were not favorable to Israel. His delays prompted U.S. Energy Secretary Chris Wright to cancel a trip to Israel in October.
But Cohen stood alongside Netanyahu during the Wednesday evening announcement and said he supported the final terms of the deal.
Israel discovered sizeable natural gas fields off its Mediterranean coast in the early 2000s and began exporting gas — first to Jordan and later to Egypt — nearly a decade ago.
In a separate development, German lawmakers approved an expansion of a defense agreement for Israel’s sophisticated Arrow 3 missile defense system, Israel’s defense ministry said Wednesday.
The expansion brings the value of the deal from $3.5 billion to $6.5 billion, making it the largest Israeli defense export deal ever, according to the ministry. Germany moved to buy Arrow 3 from Israel as it seeks to strengthen its air defenses against Russia.
Advertisement Advertise With Us
Advertisement Advertise With Us