Prime Minister Benjamin Netanyahu approved a 15-year natural gas export deal to Egypt worth $35 billion. The agreement involves exports from the Leviathan gas field off Israel’s Mediterranean coast.
Chevron, a U.S. energy company, will deliver the gas under the agreement. Half of the proceeds are expected to go to Israel’s state coffers. The deal marks the largest gas export in Israeli history.
Energy Minister Eli Cohen, previously critical of the terms, supported the final agreement. Egypt has not confirmed the announcement, though it has served as a mediator in the Gaza conflict.