natural gas field in the Mediterranean

Israeli energy company Delek Drilling has announced a $15 billion deal to supply natural gas to Egypt.

By: AP and United with Israel Staff

Delek and its U.S. partner, Noble Energy, signed a deal Monday to sell a total of 64 billion cubic meters of gas over a 10-year period to Egyptian company Dolphinus Holdings.

“I welcome the historic agreement that was announced on the export of Israeli gas to Egypt. This will put billions into the state treasury to benefit the education, health and social welfare of Israel’s citizens,” Prime Minister Benjamin Netanyahu said.

“Many people did not believe in the gas outline,” he added. “We led it knowing that it would strengthen our security, economy and regional relations, but – above all – that it would strengthen Israel’s citizens. This is a joyous day.”

Yossi Abu, chief executive of Delek Drilling, said that the deal is the largest-ever export agreement for Israel’s nascent natural gas industry. He called it “great news” for both countries.

He expects most of the gas to be used for Egypt’s domestic market, although he believes it could also help pave the way toward turning Egypt into an export hub for Israeli gas.

The gas is expected to start flowing next year.

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Source: United with Israel