Feb 19 2018

Netanyahu: "historic" deal between Egypt, Israel firms

Israeli Prime Minister Benjamin Netanyahu praised the signing of a "historic" deal between Egyptian and Israeli companies. The Egyptian company announced the agreement to buy $15 billion of Israeli natural gas on Monday, marking a significant export deal between countries.

It was reported in the Israeli media that Delek Drilling and Noble Energy, one Israeli and one American energy company, respectively, have signed two agreements with an Egyptian Company, Dolphinus Holdings.' to supply an estimated 64 billion cubic metres of natural gas over a decade to Egypt. 

Reuters news agency quoted the Israeli Prime Minister Netanyahu saying that the agreement between two countries would strengthen Israeli economy  and "strengthen regional ties.” 

"The partners in Israel’s Tamar and Leviathan offshore gas fields said they have signed with private Egyptian firm Dolphinus Holdings to supply a total of around 64 billion cubic meters of gas over a decade - with half coming from each field and the proceeds split equally between them."

Israeli energy minister Yuval Steinitz was quoted calling the deal the most significant export deal with Egypt since the historic peace treaty between countries in 1979.

The CEO of Delek subsidiary Delek Drilling Yossi Abu was quoted saying “Egypt is becoming a real gas hub,” to Reuters. “This deal is the first deal of potentially more to come.”