Israel Signs Largest Export Deal in Its History Worth $35 Billion

SadaNews Economics - NewMed, a partner in the Israeli Leviathan natural gas field, announced on Thursday that the field has signed an agreement worth up to $35 billion to supply gas to Egypt, marking the largest export deal in Israel's history.

The Leviathan field, located off the coast of Israel in the Mediterranean Sea, with reserves of about 600 billion cubic meters, will sell approximately 130 billion cubic meters of gas to Egypt by 2040 or until all contracted quantities are fulfilled.

The Leviathan field began supplying gas to Egypt shortly after it commenced production in 2020. It signed a preliminary contract in 2019 to supply 60 billion cubic meters, which is expected to be fully delivered by the early 2030s.

NewMed added that Leviathan has already supplied Egypt with 23.5 billion cubic meters of gas since 2020.