Egypt's gas deal with Israel extension of 2019 agreement: Petroleum ministry - Economy
Atef said the extension is part of a two-pronged strategy to boost domestic gas and petroleum production while diversifying energy sources to strengthen Egypt's role as a regional energy hub.
His comments were the first official response since Israeli firm NewMed Energy announced what it called a 'landmark deal' on Thursday.
The consortium said the agreement would export 130 billion cubic metres of gas to Egypt through 2040, valued at an estimated $35 billion.
Atef stressed the figure was not final, citing a flexible pricing formula tied to market conditions. The extended contract, he said, would guarantee a stable supply and support Egypt's energy security during 'a period of rapid geopolitical change.'
'It is in our best interest. If we need the gas, that's fine; if not, that's also fine,' he said. 'The priority is strategic insurance.'
He noted Egypt had also signed a gas export agreement with Cyprus in February 2025 and was pursuing other eastern Mediterranean deals, aiming to balance domestic needs with surplus for export.
The extension was signed with Blue Ocean Energy, which buys gas from Israel's Leviathan reservoir for Egypt.
Gas from Leviathan began flowing to Egypt shortly after production started in January 2020, and under the new terms, is expected to continue until 2040 or until contracted volumes are met.
Follow us on:
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
2 hours ago
- Egypt Independent
London police arrest 466 people for backing banned Palestine Action group
London — Police have arrested 466 people in central London on Saturday for protesting the British government's decision to ban the pro-Palestinian activist group Palestine Action under anti-terrorism laws. 'As of 9pm, 466 people had been arrested for showing support for Palestine Action,' the Metropolitan Police wrote on X on Saturday. Eight arrests were made for other offenses, including five for assaults on officers, but police said none were seriously injured. Palestine Action is a UK-based group which says it aims to disrupt the operations of weapons manufacturers supplying the Israeli government. Last month, UK lawmakers voted to proscribe the group after two Palestine Action activists broke into Britain's largest air base in central England in June, damaging two military aircraft. The group's ban makes it illegal under UK law to be a member of – or invite support for – Palestine Action and puts them on par with terrorist organizations such as Hamas, al Qaeda and ISIS. Large crowds turned up for demonstrations organized by Defend Our Juries on Saturday afternoon at London's Parliament Square. London's Metropolitan Police had cautioned that it would arrest anyone showing support for the proscribed group. One 80-year-old protestor from Surrey, England, who wished to remain anonymous, told CNN that she attended the protest to show 'what a farce' the government's decision on Palestine Action was. She said organizers were aiming to have at least 500 people sitting peacefully with signs. 'I watched a few being carried off by police but there simply weren't enough police to arrest all,' she added. A demonstrator sits on the ground in handcuffs during the protest in London on Saturday. Alberto Pezzali/AP People attend a rally challenging the British government's proscription of the activist group Palestine Action in London on Saturday, Jaimi Joy/Reuters The demonstration organizers said on social media that upwards of one thousand people attended the protest, 'holding up signs that read 'I oppose Genocide, I support Palestine Action'' in a mass display of defiance against (British Home Secretary) Yvette Cooper's ban.' The Metropolitan Police stated that approximately 500 to 600 people were in attendance when the demonstration began. 'Many were onlookers, media, or people not holding placards supporting Palestine Action,' police said in an earlier statement. 'We are confident that anyone who came to Parliament Square today to hold a placard expressing support for Palestine Action was either arrested or is in the process of being arrested,' Scotland Yard added. Those arrested at the protest were taken to 'prisoner processing points in the Westminster area, and those whose details could be confirmed were bailed, with conditions not to attend any further protest in support of Palestine Action,' police also said. A CNN team on the ground witnessed scuffles between protestors and police, as demonstrators were arrested and taken away for supporting Palestine Action. Onlookers were heard shouting 'shame on you' as police officers removed peaceful protestors from the area. British Home Secretary Yvette Cooper thanked police for 'dealing with the very small number of people whose actions crossed the line into criminality.' 'The right to protest is one we protect fiercely but this is very different from displaying support for this one specific and narrow, proscribed organization,' she said, according to the UK's Press Association. Amnesty International UK condemned the arrest of peaceful protesters as 'a violation of the UK's international obligations to protect the rights of freedom of expression and assembly,' in a post on X. Last week, Palestine Action's co-founder Huda Ammori won a bid to challenge the ban, with a London High Court judge granting permission to seek a judicial review. CNN's Jonny Hallam and Billy Stockwell contributed reporting.
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
10 Nations, EU Strongly Reject Israel's Decision for Expanded Gaza Offensive
By Ahmad El-Assasy The foreign ministers of Australia, Austria, Canada, France, Germany, Italy, New Zealand, Norway, and the United Kingdom, along with the High Representative of the European Union for Foreign Affairs and Security Policy, have strongly rejected the Israeli Security Cabinet's August 8 decision to launch a new, large-scale military operation in Gaza. In a joint statement, they warned that such an offensive would worsen the catastrophic humanitarian situation, endanger the lives of hostages, and heighten the risk of mass displacement of civilians. They stressed that Israel's announced plans risk violating international humanitarian law, and that any attempt to annex territory or expand settlements constitutes a breach of international law. The statement urged all parties and the international community to make every effort to end the conflict immediately through a permanent ceasefire, enabling the delivery of massive, unhindered humanitarian aid, as Gaza faces the worst famine scenarios to date. The ministers also called on Hamas to release all hostages without delay or preconditions, ensuring they are treated humanely and not subjected to cruelty or humiliation. Highlighting the dire humanitarian situation in Gaza, they urged the Israeli government to urgently revise its newly introduced registration system for international humanitarian organizations to ensure that these vital actors can resume their essential work, in line with humanitarian principles, to reach civilians in need. They warned that excluding such organizations would be a clear and unacceptable signal. The ministers reaffirmed their united commitment to a negotiated two-state solution as the only viable path to ensure Israelis and Palestinians live side by side in peace, security, and dignity. They stressed that achieving such a settlement requires the complete disarmament of Hamas and its total exclusion from any form of governance in Gaza, with the Palestinian Authority playing a central role in the territory's administration. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Egypt's Annual Inflation Falls to 13.9% in July
Ahmed Emam Egypt's annual urban consumer inflation rate dropped to 13.9% in July from 14.9% in June, marking an unexpected slowdown despite forecasts of an upward trend. Nationwide, the annual inflation rate fell to 13.1% from 14.4% in the previous month, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). On a monthly basis, urban consumer prices fell by 0.6% in July compared to June 2025, the data showed. The deceleration comes in contrast to projections by local analysts, who had anticipated inflationary pressures to persist following recent cigarette price hikes, tax adjustments introduced by the Egyptian Tax Authority (ETA) , and the fading effect of the 'base year' comparison. Deutsche Bank had earlier forecast Egypt's inflation to average between 15% and 16% by the end of the year. Egypt's inflation reached an all-time high of 38% in September 2023 before gradually declining over the past year. Also, CAPMAS attributed July's slowdown mainly to a 3.1% drop in food and beverage prices. Meat and poultry prices fell by 4.9%, fruit prices dropped 11%, and vegetables were down 7%. Meanwhile, prices of grains and bread rose 0.4%, fish and seafood by 0.2%, oils and fats by 0.1%, sugar and sugary products by 0.2%, coffee, tea, and cocoa by 0.2%, and dairy products, cheese, and eggs by 0.2%. Economists say the latest figures could provide temporary relief for consumers struggling with the cost of living, though risks remain amid global market volatility and domestic fiscal adjustments. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
