Israel and Egypt sign $35 billion natural gas export agreement.

Axar.az reports that a $35 billion natural gas export deal has been signed between Israel and Egypt, set to last until 2040.

According to a report by Dmitri Hendelman, an advisor at the Israeli Prime Minister's office, this is the largest export agreement ever signed in Israel's history.

Under the deal, the company "NewMed Energy" will export a total of 130 billion cubic meters of natural gas from the "Leviathan" field to Egypt.

The supply will occur in two phases. In the first phase, which will start this year, approximately 20 billion cubic meters of gas will be sent to Egypt. The second phase will begin once the expansion of the Leviathan gas production platform is completed and will cover an additional 110 billion cubic meters of gas.

According to Hendelman, this agreement will further strengthen the partnership between the two countries and lay the foundation for long-term energy infrastructure, lasting until at least 2064. The deal also includes the modernization of Egypt's liquefied natural gas plants.

Hendelman noted that the Leviathan gas field, with an estimated 600 billion cubic meters of natural gas reserves, solidifies Israel's position as a key and reliable player in the regional energy market.

The agreement also contributes to the development of economic ties with Arab partners and promotes stability in the Eastern Mediterranean.