‘Historic moment’: Netanyahu announces record natural gas deal with Egypt

Prime Minister Benjamin Netanyahu announces that he has approved the largest energy deal in Israel’s history.

In a video statement alongside Energy Minister Eli Cohen, he says that the natural gas deal with Egypt is worth NIS 112 billion ($34.7 billion), of which NIS 58 billion ($18 billion) will go into public coffers. In the first four years, he says, around NIS 500 million ($155 million) will go to the state, and will climb to NIS 6 billion ($1.9 billion) by 2033.

“This money will strengthen education, health, infrastructure, security, the future of the coming generations,” says Netanyahu. He says he only approved the deal, which was held up in October, after he ensured that it met Israel’s vital needs, including security.

“The deal greatly strengthens Israel’s position as a regional energy superpower, and contributes to regional stability,” argues Netanyahu, adding that it will encourage other countries to search for gas in Israel’s waters.

He stresses that the companies are required to sell natural gas to Israelis “at a good price.”

“We have brought another jug of oil to the nation of Israel,” Netanyahu says in a reference to the Hanukkah miracle.

Cohen calls the deal “a historic moment for Israel.” He notes that this is also the largest export deal in Israel’s history.

Natural gas “is a strategic asset” for Israel, Cohen stresses.

There will be “more pleasant surprises,” concludes Netanyahu.