Israel Signs $35 Billion Natural Gas Supply Seal With Egypt Amid Gaza Genocide
Occupied Palestine (Quds News Network)- Israel’s Leviathan natural gas field has reportedly signed the largest export deal in Israel’s history, worth up to $35 billion, to supply gas to Egypt’s NewMed, even as Israel continues its genocide in Gaza and maintains a blockade on humanitarian aid.
Reuters reported, citing one of the partners in the field, saying that under the deal announced on Thursday, Leviathan, off Israel’s Mediterranean coast, with reserves of some 600 billion cubic metres, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
Exports from Leviathan were halted during Israel’s 12-day assault on Iran in June for security reasons, but have since resumed, Reuters said.
“It’s much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy,” NewMed CEO Yossi Abu told Reuters.
Egypt’s Ministry of Petroleum, which is also responsible for energy imports, haven’t commented on the issue yet.
Under Thursday’s deal, Leviathan in a first stage will supply Egypt with 20 bcm of gas starting in early 2026 after the connection of additional pipelines.
Israeli gas accounts for about 15-20% of Egypt’s consumption, data from the Joint Organisations Data Initiative shows.
The news came as Israel continued its genocidal war on Gaza, with over 60,000 Palestinians killed and the population facing starvation due to a blockade on aid imposed since March 2.
Lately, Egypt condemned “unjustified accusations” that it is contributing to the siege of the Gaza Strip, calling it a “malicious propaganda campaign”.
This came after activists accusing Egypt of refusing to let aid into the Gaza Strip amid a mounting starvation crisis launched protests at Egyptian embassies around the world.
From Sweden, Ireland, the UK, Spain and Finland to South Africa, Libya and Turkey, a string of protests has erupted worldwide demanding Cairo “break the siege” by opening the Rafah crossing to allow aid into the besieged Palestinian enclave.
In a statement released by the Ministry of Foreign Affairs, Cairo said that “Rafah has remained open from the Egyptian side. Israeli forces control the Palestinian side and block access”.
This week, Egyptian President Abdel Fattah el-Sisi has accused Israel of carrying out a “systematic genocide” in Gaza. Speaking at a press conference in Cairo, he said the war has moved beyond political aims.
Egyptian exports to Israel doubled in 2024 compared to the previous year despite Israel’s devastating war on Gaza since October 2024, according to a report by Israel’s Central Bureau of Statistics. Israel’s trade with Egypt grew by 56 percent in 2023 and was up 168 percent year-on-year in the fourth quarter, according to the Abraham Accords Peace Institute report.
