Israel Approves $35 Billion Gas Deal With Chevron to Supply Egypt
Israel has approved its biggest natural gas deal ever, worth nearly $35 billion, to supply gas to Egypt. Israeli Prime Minister Benjamin Netanyahu announced the decision on Wednesday.
The agreement allows Chevron, along with its Israeli partners, to export natural gas from Israel’s Leviathan gas field to Egypt. The Leviathan field is one of the largest natural gas discoveries in the eastern Mediterranean region.
Largest Gas Deal in Israel’s History
Prime Minister Netanyahu said he approved the largest gas deal in Israel’s history. The deal is valued at $34.7 billion and involves long-term gas supplies to Egypt. Chevron, a US-based energy company, leads the project together with Israeli partners.
Although the agreement was signed in August, it was delayed due to unresolved technical and political issues. These issues have now been settled, allowing the deal to move forward.
Netanyahu said the gas deal is important not only for Israel’s economy but also for regional cooperation and stability. He added that energy partnerships can help strengthen ties between neighboring countries.
Egypt’s Growing Energy Needs
Egypt is facing an energy shortage. Since 2022, the country has reduced its domestic gas production. As a result, Egypt has spent billions of dollars importing liquefied natural gas (LNG) from other countries to meet local demand.
Because of this shortage, Egypt has increasingly relied on gas imports from Israel. The new agreement will help Egypt secure a steady supply of natural gas, especially during periods of high electricity demand.
The gas supplied under the deal may also be processed at Egypt’s LNG facilities and exported to other global markets, boosting Egypt’s role as a regional energy hub.
Regional and International Impact
The gas deal was an important requirement for a planned three-way meeting between Egypt, Israel, and the United States. According to reports by the Jerusalem Post, citing Israeli news portal Ynet, this trilateral meeting is expected to take place later this month.
The meeting is expected to focus on energy cooperation, regional security, and economic ties between the three countries.
Egypt Expands Green Energy Cooperation
In a related development, Egypt’s cabinet approved a draft presidential decree on Wednesday for a $4.3 million grant agreement with South Korea. The funding will be used to develop green energy infrastructure in the Suez Canal region.
According to an official statement, the project aims to strengthen cooperation between Egypt and South Korea. It also supports Egypt’s plan to turn the Suez Canal into an environmentally sustainable and more efficient waterway by 2030.
The green energy initiative is part of Egypt’s broader strategy to invest in renewable energy while continuing to rely on natural gas for energy security.
Overall, the gas deal with Israel and the green energy agreement with South Korea highlight Egypt’s efforts to balance traditional energy needs with long-term sustainability goals.
Published: 18th December 2025
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