According to reports, Israel’s Leviathan natural gas field has inked the biggest export agreement in its history, valued at up to $35 billion, to supply gas to Egypt’s NewMed, despite Israel’s ongoing war in Gaza.
Leviathan, which is located off the Mediterranean coast of Israel and has reserves of about 600 billion cubic meters, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled, according to a report by Reuters that cited one of the field’s partners.
Reports say Leviathan exports have resumed after being suspended for security grounds during Israel’s 12-day June attack on Iran.
Under Thursday’s deal, Leviathan in a first stage will supply Egypt with 20 bcm of gas starting in early 2026 after the connection of additional pipelines.
Israeli gas accounts for about 15-20% of Egypt’s consumption, data from the Joint Organisations Data Initiative shows.
The news came as Israel continued its genocidal war on Gaza, with over 60,000 Palestinians killed and the population facing starvation due to a blockade on aid imposed since March 2.
Lately, Egypt condemned “unjustified accusations” that it is contributing to the siege of the Gaza Strip, calling it a “malicious propaganda campaign”.
Read Also
- World leaders condemn Israel's decision to take control of Gaza City
- U.S, Israel recall delegates from Gaza ceasefire talks, accuses Hamas of lacking 'good faith
- Israel allows Syrian troops limited access to Southern city of Sweida
- Clashes in Syrian city of Sweida escalate as Israel strikes Damascus
This came after activists accusing Egypt of refusing to let aid into the Gaza Strip amid a mounting starvation crisis launched protests at Egyptian embassies around the world.
Protests have erupted globally, ranging from Sweden, Ireland, the United Kingdom, Spain, and Finland to South Africa, Libya, and Turkey, demanding Cairo “break the siege” by opening the Rafah crossing to enable relief into the beleaguered Palestinian enclave.
In a statement issued by the Ministry of Foreign Affairs, Cairo stated that “Rafah has remained open from the Egyptian perspective.
“Israeli forces control the Palestinian side and prevent access.”
Egyptian exports to Israel doubled in 2024 compared to the previous year despite Israel’s devastating war on Gaza since October 2024, according to a report by Israel’s Central Bureau of Statistics.
Israel’s trade with Egypt grew by 56 percent in 2023 and was up 168 percent year-on-year in the fourth quarter, according to the Abraham Accords Peace Institute report.
