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Netanyahu Announces Israel's Largest Gas Deal Ever with Egypt!! In an official statement, Israeli Prime Minister Benjamin Netanyahu announced on Wednesday evening, December 17, 2025, the approval of a natural gas export deal to Egypt worth 112 billion shekels (approximately $35 billion USD, or about 1.6 trillion Egyptian pounds based on current exchange rates), describing it as "the largest gas deal in Israel's history." No official comment has been issued by Egypt—from the Ministry of Petroleum or the government—regarding this announcement as of now. Key quotes from Netanyahu (according to the official statement): "Today I approved the largest gas deal in Israel's history, worth 112 billion shekels." "Of this amount, 58 billion shekels will go to the state treasury through taxes and royalties." "This deal strengthens Israel's position as a regional energy power and ensures priority for the local market with good prices for citizens." "On the fourth night of Hanukkah, we have added another jar of oil for the people of Israel—but this time, the flame will burn for decades to come." For his part, Energy Minister Eli Cohen described it as "a historic moment both security-wise and economically, with 58 billion shekels in revenues for the state and investments exceeding 16 billion shekels." He added: "This is the first export deal that includes mechanisms to improve gas prices domestically." The deal involves U.S. company Chevron and Israeli partners, focusing primarily on supplying gas from the Leviathan field. Despite the discovery of the giant "Zohr" field in 2015, Egypt's natural gas production has declined significantly due to technical and economic issues in older fields, causing domestic demand (especially for electricity generation and industry) to exceed supply. This has led to energy shortages, frequent power outages, and Egypt becoming a net gas importer since 2024. Egypt's reliance on Israel specifically stems from: The geographical proximity of Israeli fields (Leviathan and Tamar), with direct pipelines that are much cheaper than imported LNG. Israeli gas being significantly cheaper (roughly half the price), helping preserve hard currency. The possibility of re-exporting part of the gas as LNG through Egypt's facilities.