Prime Minister Benjamin Netanyahu announced on Wednesday that he had approved the largest energy deal in Israel’s history with neighboring Egypt, expected to boost Israel’s economy by billions of shekels within the coming years, APA reports, citing The Times of Israel.
In a video statement alongside Energy Minister Eli Cohen, Netanyahu said that the natural gas deal with Cairo was worth NIS 112 billion ($34.7 billion), of which NIS 58 billion ($18 billion) would go into public coffers. In the first four years, he said, around NIS 500 million ($155 million) would go to the state, and this was expected to climb to NIS 6 billion ($1.9 billion) by 2033.
“The agreement is with the American company Chevron, with Israeli partners who will supply gas to Egypt,” Netanyahu said.
“This money will strengthen education, health, infrastructure, security, the future of the coming generations,” said Netanyahu, adding that he only approved the deal, which was held up in October, after he ensured that it met Israel’s vital needs, including security.
“The deal greatly strengthens Israel’s position as a regional energy superpower, and contributes to regional stability,” argued Netanyahu, adding that it would encourage other countries to search for gas in Israel’s waters.
He stressed that the companies would be required to sell natural gas to Israelis “at a good price.”
“We have brought another jug of oil to the nation of Israel,” Netanyahu said in a reference to the story of Hanukkah, in which one jug of oil lasted for eight days.
Cohen, standing alongside Netanyahu, called the deal “a historic moment for Israel,” and noted that it was the largest export deal in the country’s history.
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