tel aviv
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Israeli Prime Minister Benjamin Netanyahu announced a $35 billion gas deal with Egypt on Wednesday night, as the United States called for a summit between the two countries’ leaders.
Prime Minister Benjamin Netanyahu hailed the deal in a televised statement as “the largest gas deal in Israeli history.” He said the deal was worth 112 billion shekels (about $34.6 billion).
The deal involves American energy company Chevron and will supply gas to Egypt.
“This agreement significantly strengthens Israel’s position as a regional energy power and contributes to regional stability. We encourage other companies to invest in gas exploration in Israel’s economic waters,” Prime Minister Netanyahu said.
Israeli sources familiar with the matter said Israel delayed formal approval of the deal for several months and ultimately stalled under pressure from the Trump administration.
US President Donald Trump is seeking to arrange a summit between Prime Minister Benjamin Netanyahu and Egyptian President Abdel Fattah el-Sissi as he pursues regional peace deals and the expansion of the Abraham Accords.
The Egyptian government has not yet made any official comment on this announcement. CNN has contacted the country’s Ministry of Petroleum and Mineral Resources for details on the deal.
Israel and Egypt signed a landmark peace agreement in 1979, but their leaders have not met for more than a decade.
Another Israeli source said Netanyahu’s announcement was part of efforts to lay the groundwork for a possible meeting between Netanyahu and Sisi.
Prime Minister Netanyahu is scheduled to visit the United States later this month and meet with President Trump at Mar-a-Lago.
Prime Minister Netanyahu was at one point scheduled to attend a peace summit with President Trump in Sharm el-Sheikh, Egypt, in October, but suddenly withdrew.
Egypt has played a key role in mediation efforts throughout the Gaza conflict, but relations between Netanyahu and Sisi have deteriorated over the years.
