By Tal Shalev, NCS
Tel Aviv (NCS) — Israeli Prime Minister Benjamin Netanyahu introduced a $35 billion gas deal with Egypt on Wednesday night as the US pushes for a summit between the leaders of the 2 international locations.
In a televised assertion, Netanyahu hailed the settlement as “the largest gas deal in Israel’s history.” He mentioned the deal was valued at 112 billion shekels (approx. $34.6 billion).
The deal entails American power firm Chevron and can provide gas to Egypt.
“This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region. It encourages other companies to invest in gas exploration in Israel’s economic waters,” mentioned Netanyahu.
According to an Israeli supply acquainted with the matter, Israel had delayed the official approval of the deal for months, in the end folding underneath stress from the Trump administration.
US President Donald Trump has been making an attempt to rearrange a summit between Netanyahu and Egyptian President Abdel Fattah el-Sisi as he pursues regional peace offers and an growth of the Abraham Accords.
The Egyptian authorities has not but issued an official touch upon the announcement. NCS has contacted the nation’s Ministry of Petroleum and Mineral Resources for additional particulars on the deal.
Israel and Egypt signed a landmark peace settlement in 1979, however the leaders of the international locations haven’t met in additional than a decade.
A second Israeli supply mentioned the announcement from Netanyahu was a part of an effort to put the groundwork for a possible assembly between Netanyahu and Sisi.
Netanyahu is about to journey to the United States later this month to satisfy Trump at Mar-a-Lago.
Netanyahu was briefly set to attend the peace summit in Sharm el-Sheikh in Egypt in October with Trump earlier than abruptly backing out.
Egypt has performed a key function in mediation efforts all through the Gaza battle, however relations between Netanyahu and Sisi have lengthy been frayed.
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NCS’s Mohammed Tawfeeq contributed to this report.