The flag of Egypt. (Credit: AFP)
Egypt's Information Ministry said that the gas supply deal signed between Israel and Egypt is "commercial only, and without political overtones," Reuters reported Thursday.
Israeli Prime Minister Benjamin Netanyahu announced the approval of the deal on Wednesday, saying that the expected revenues for the state treasury will amount to 58 billion shekels (nearly $18 billion), and the scope of the deal is 112 billion shekels (approximately $34.6 billion).
The deal, which involves U.S. energy company Chevron and will see Israeli companies supply natural gas to Egypt, comes amid efforts to arrange a summit between Netanyahu and Egyptian President Abdel Fattah al-Sisi, and against the backdrop of numerous disputes and tensions between the two countries during the months of war in Gaza, including over the Rafah crossing.
Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall. Recently, the country has also been trying to boost its oil and gas production. In November, Egypt’s Petroleum Minister Karim Badawi announced the start of initial gas production from the West Burullus field, with early output nearing 45 million cubic feet per day, according to local media.
