Israeli Prime Minister Benjamin Netanyahu said Wednesday he approved a landmark gas export agreement with Egypt worth nearly $35 billion.
Speaking in a televised address, Netanyahu described the pact as the largest gas deal in Israel’s history, valued at 112 billion shekels.
He said 58 billion shekels from the agreement would flow directly into state coffers, boosting public finances over the coming years.
The deal involves US energy giant Chevron and Israeli partners supplying natural gas to Egypt, strengthening cross-border energy cooperation.
Energy Minister Eli Cohen, appearing alongside Netanyahu, called the agreement the largest export deal ever concluded by the state.
Netanyahu said the revenue would support education, healthcare, infrastructure and security, investing in the future of coming generations.
He added the agreement would reinforce Israel’s standing as a regional energy power and contribute to broader regional stability.
Israeli firm NewMed Energy had announced in August it signed a $35 billion deal to supply natural gas to Egypt.
According to the company, the agreement would raise total gas exports to Egypt to 130 billion cubic metres.
In a statement late Wednesday, NewMed confirmed it received official approval to export gas, enabling execution of the deal.
NewMed chief executive Yossi Abu called the decision historic, saying it ensured continued investment and long-term regulatory stability.
The agreement underscores Israel’s growing role in regional energy markets amid shifting economic and geopolitical currents.