Egypt and Israel Ink Historic Trade Deal
By The Geller Report
Egypt refers to Israel as a “strong regional partner” while the UK, France, and Canada are throwing Israel under the bus. Nuts.
No media coverage, of course.
How ironic is it that Egypt refers to Israel as a “strong regional partner” while the UK, France, and Canada are throwing Israel under the bus? Strange times.
In Israel’s largest gas deal, Leviathan partners ink $35 billion export deal with Egypt
Deal will almost triple the annual amount of natural gas supplied from the Leviathan offshore field to Egypt, and boost state revenue from royalties
Partners in Israel’s Leviathan reservoir on Thursday inked a $35 billion deal to supply natural gas to Egypt, in the largest export deal in the country’s history.
Israel’s NewMed Energy, formerly Delek Drilling (part of Yitzhak Tshuva’s Delek Group), which owns a 45.3 percent stake in Leviathan, off the country’s Mediterranean coast, said the partners will sell a total of 130 billion cubic meters (bcm) of natural gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
The deal is expected to funnel hundreds of millions of shekels in revenues from gas royalties and taxes to the country’s state coffers.
“This is the most strategically important export deal to ever occur in the eastern Mediterranean, and strengthens Egypt’s position as the most significant hub in the region,” said NewMed CEO Yossi Abu. “This deal, made possible by our strong regional partnerships, will unlock further regional export opportunities, once again proving that natural gas and the wider energy industry can be an anchor for collaboration.”
Natural gas from Leviathan, one of the world’s largest deep-water gas discoveries, started to flow to the Israeli domestic market in December 2019. The partners in the Leviathan reservoir began exporting natural gas to Egypt in January 2020 after signing a deal for 60 bcm, which is expected to be supplied by the early 2030s. To date, Leviathan has supplied 23.5 bcm of gas to the Egyptian market.
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Pamela Geller
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