
Israel Signs $35B Gas Export Deal with Egypt on Day 671 of Genocide
The Leviathan gas field — located in the eastern Mediterranean, 130 km west of Haifa — is controlled by Israel and operated by Chevron. According to Reuters, Israel has signed the largest export deal in its history: a $35 billion agreement to supply 130 billion cubic meters of gas to Egypt through 2040. Israeli firm NewMed Energy is a key partner in the deal.
Key Details:
➤ Exports to Egypt will begin in 2026, once new pipelines are completed. A second phase will expand flows dramatically by 2029, after Leviathan’s $2.4B upgrade and a new transmission line via Nitzana.
➤ Egypt’s gas production has dropped over 40% since 2021, ending its hopes of becoming a regional export hub. To meet rising demand, it now spends billions importing liquefied natural gas (LNG), which is far costlier than pipeline gas due to the complex process of super-cooling, shipping, and regasifying. Israel’s pipeline supply will offer a much cheaper alternative.
➤ NewMed CEO Yossi Abu told Reuters: “This will save billions for Egypt’s economy… dramatically better than any LNG alternative.”
➤ Israeli gas already supplies 15–20% of Egypt’s domestic needs, and this deal could eventually eliminate Egypt’s LNG imports altogether.
Mike