Israel, Egypt Sign $35 Billion Gas Deal Amid Tensions, Potential Netanyahu-Sisi Meeting
According to the International Desk of Webangah News Agency, Israeli Prime Minister Benjamin Netanyahu announced a significant gas agreement with Egypt worth approximately $35 billion, or 112 billion shekels. Netanyahu highlighted the deal during a press conference alongside Energy Minister Eli Cohen, claiming Israel’s revenue from the agreement would reach about $18 billion.
Netanyahu emphasized that this is the largest gas deal in Israel’s history, but failed to mention that it fulfills a precondition set by Egypt for a potential meeting between President Abdel Fattah el-Sisi and the Israeli Prime Minister. He asserted that Israel is extracting gas from its waters, contributing to its status as one of the world’s best economies, despite the ongoing economic challenges due to attacks in the Red Sea.
The Israeli Prime Minister also claimed the agreement would enhance Israel’s regional energy power and contribute to regional stability, while promising that it would require companies to sell gas to Israelis at reasonable prices. He added that the deal includes investments of 15 to 16 billion shekels in Israeli infrastructure and will create jobs, further strengthening the economy.
Energy Minister Eli Cohen echoed Netanyahu’s claims, calling the gas agreement a historic moment for Israel in terms of security, diplomacy, and economics. He stated that it would solidify Israel’s position as a leading regional energy power and provide tens of billions of shekels to the treasury, creating job opportunities and boosting the economy.
The announcement comes after a report by Ynet, indicating the gas deal was a prerequisite for a trilateral meeting among Egypt, the U.S., and Israel, expected to occur later this month. Sources suggest President el-Sisi has also demanded Israel’s withdrawal from the Philadelphi Corridor and Netzarim crossings.
An American official reportedly told Axios that the gas sales to Egypt present a major opportunity for Israel, fostering closer ties and warmer peace, while preventing conflict. However, a source within the Israeli cabinet told the Times of Israel that el-Sisi currently has no intention of meeting with Netanyahu, citing Egyptian anger over Israel’s actions in recent months, particularly its plans to displace Palestinians toward the Sinai Peninsula.
The source added that Egypt is concerned about Israel opening the Rafah crossing only for Palestinians to leave Gaza and has been angered by Israel’s delay in signing the gas agreement. Earlier reports in Yedioth Ahronoth stated that Egypt had set conditions for a meeting between el-Sisi, Netanyahu, and Donald Trump in the U.S., including the $35 billion gas deal and Israel’s withdrawal from the Philadelphi area and Netzarim axis, conditions that reportedly sparked anger among Israeli economic and security circles.
