Israel is hesitating to finalize its $35 billion natural gas export agreement with Egypt due to unmet conditions focusing on security and pricing. The Israeli Energy Minister, Eli Cohen, emphasized that national interests and security considerations must be prioritized in the deal.
“As a member of the cabinet, I will not approve the deal before ensuring that Israel’s security interests are protected and that a fair and competitive price is guaranteed for Israeli citizens,” Cohen said.
The agreement, signed in August, aims to export 130 billion cubic meters of natural gas from Israel’s Leviathan field to Egypt through 2040. The deal is significant for both countries, reshaping the Eastern Mediterranean’s energy and economic dynamics.
The United States has pushed for the deal’s completion, but Israeli officials remain steadfast in their criteria, resulting in a postponed visit from the US Energy Secretary, Chris Wright.
“We confirm that we are nearing a Final Investment Decision for potential capacity expansion of the Leviathan reservoir,” Chevron said in an emailed statement.
The Leviathan field, with reserves of around 600 billion cubic meters, is Israel’s largest natural gas field and a crucial component of its energy exports.