Egypt has signed the largest-ever deal for the export of Israeli natural gas, Globes reported.
The Leviathan partners agreed to sell 130 billion cubic meters (BCM) of gas to Egypt for $35 billion via Blue Ocean Energy. This will triple the amount of gas that is sold to Egypt from the Leviathan offshore field.
NewMed Energy (TASE: NWMD) CEO Yossi Abu said: "This is a historic day. Leviathan, the biggest natural gas field in the Mediterranean, is a tool for changing the strategic reality."
Leviathan was discovered in 2020, 130 kilometers (81 miles) west of Haifa. It was estimated to hold 535 billion cubic meters (18.9 trillion cubic feet) of natural gas, along with 34.1 million barrels of condensate. Israel began pumping gas from the field in 2019.
Egypt's decision to purchase a record amount of natural gas from Israel comes as Egypt has escalated its criticism of Israel for the war against the Hamas terrorist organization in Gaza.
On Tuesday, Egyptian President Abdel Fattah al-Sisi accused Israel of genocide. "The war in Gaza is no longer a conflict aimed at political objectives or the release of hostages, but a war of famine, genocide, and an attempt to eliminate the Palestinian question,” he said.