5 days ago
Egypt signs $35bn natural gas deal with Israel's Leviathan
Israel's Leviathan natural gas field has signed a deal worth up to $35bn (R620.27bn) to supply gas to Egypt, the largest export deal in Israel's history, NewMed, one of the partners in the field, said on Thursday.
Leviathan, off Israel's Mediterranean coast with reserves of some 600-billion cubic metres (bcm), will sell about 130 bcm of gas to Egypt through 2040 or until all of the contract quantities are fulfilled.
The Leviathan reservoir began supplying Egypt shortly after production began in 2020. It signed an initial deal in 2019 for 60 bcm, which is expected to be fully supplied by the early 2030s.
Leviathan has already supplied 23.5 bcm of gas to Egypt since 2020, NewMed said.
