Jerusalem witnessed a major energy announcement on Wednesday as Israeli Prime Minister Benjamin Netanyahu confirmed approval of a landmark natural gas export deal with Egypt. The agreement is valued at nearly $35 billion, making it the largest gas deal in Israel’s history.
Speaking during a televised address, Netanyahu said the deal is worth 112 billion shekels, or approximately $34.7 billion. He added that 58 billion shekels, equivalent to about $18 billion, would go directly into Israel’s state coffers.
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Netanyahu stated that the agreement involves the American energy company Chevron alongside Israeli partners. Under the deal, these companies will supply natural gas to Egypt over the coming years.
Energy Minister Eli Cohen, who joined Netanyahu during the address, described the agreement as the largest export deal ever concluded by the state of Israel. He highlighted its strategic importance for the country’s energy sector.
🇮🇱🇪🇬 BREAKING: PM Netanyahu approves Israel’s largest ever natural gas export deal to Egypt a massive $35 billion agreement. 112 billion shekels total, with 58 billion flowing directly to state coffers for education, health, infrastructure & security. Strengthens regional energy… pic.twitter.com/4GhSG6CyxJ
— DBS Morocco (@dbsmorocco) December 18, 2025
Bibi announces BIGGEST gas deal in Israel’s history
Almost $35BN deal with Egypt, through ‘American company Chevron’
Netanyahu says only got deal done ‘after I secured security interests in our other vital matters’ pic.twitter.com/UETAepFakd
— RT (@RT_com) December 17, 2025
According to Netanyahu, revenues generated from the deal will be used to strengthen key sectors including education, healthcare, infrastructure, and security. He also said the agreement would reinforce Israel’s standing as a regional energy power.
Israeli energy firm NewMed Energy had previously announced in August that it signed a $35 billion agreement to supply natural gas to Egypt. The company reported that the deal would increase the total volume of gas exported to Egypt to 130 billion cubic metres.
In a statement released late Wednesday, NewMed Energy CEO Yossi Abu described the agreement as a historic milestone. He said it ensures continued investment in Israel’s natural gas sector and provides long-term regulatory stability.
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However, the deal has drawn criticism from civil society groups. The Israeli NGO Movement for Quality Government expressed deep concern over the approval process, calling for greater transparency.
The organization urged the government to make the full details of the agreement public and clarify its long-term implications for gas reserves and domestic consumer prices.