A long-awaited gas export deal between Israel and Egypt is expected to be signed “very soon, in days,” an Israeli official told The Jerusalem Post on Thursday.
The agreement, valued at $35 billion, will enable the export of gas from Israel’s Leviathan reservoir to Egypt through 2040.
Despite its economic significance, Prime Minister Benjamin Netanyahu and Energy Minister Eli Cohen had delayed final approval due to economic and security concerns.
Gas exports could pave the way for an Israeli-Egyptian meeting
The US administration has reportedly urged Israel to finalize the agreement, with the hope that it could facilitate a meeting between Netanyahu and Egyptian President Abdel Fattah al-Sisi under the auspices of US President Donald Trump.
Israeli officials estimated that the deal’s approval could pave the way for the first public meeting in years between the Israeli and Egyptian heads of state. “This is going to be one of the most profitable deals for Israel,” the official said.
A few weeks ago, US Energy Secretary Dan Brouillette canceled a planned visit to Israel after the Israeli government declined to move forward with the agreement at that time.
“The US wanted us to sign the export agreement with Egypt, but we wanted to ensure both the security aspects and fair pricing,” Cohen told The Post at the time. “We insisted on receiving a fair market price for our gas.”
Jerusalem has also sought assurances that Cairo would uphold all its commitments under the peace treaty, particularly amid reports of Egyptian military activity in the Sinai Peninsula and alleged violations of the ceasefire agreement.
“After the Egyptians understood our determination, they became very eager to resolve the issue,” Cohen said last month. “I believe a solution will be found.”