The agreement will see Egypt boost its contracted purchases of gas from Israel’s offshore Leviathan field, operated by US energy giant Chevron Corp.
Energy Minister Eli Cohen had earlier refused to sign the export license, demanding better pricing for Israel while citing “intense” pressure from the US to seal the pact. He later said that “perception gaps have greatly reduced,” indicating the deal was being finalized.
“The state’s revenues from taxes and royalties thanks to the deal will stand at approximately NIS 58 billion, and the scope of direct infrastructure investments in the economy will exceed NIS 16 billion,” Cohen said on Wednesday.
Egypt has bought large volumes of liquefied natural gas since becoming a net gas importer in 2024 due to surging domestic demand and declining output from its own fields. The supply deal with Israel might mean the North African nation can import less LNG in the future.