Israeli gas finally reaches Egypt as mega deal bears fruit

'A holiday for the state of Israel': Israeli gas begins pumping to Egypt

Israel has started pumping natural gas to Egypt in a step the petroleum minister believes would serve economic interests of both countries.

One source in Israel's energy industry estimated the value of the gas to be sold to Egypt under the updated contract at a total value of $19.5 billion, Reuters reported.

In Tel Aviv, stocks in Ratio Oil Exploration 1992 LP, which has a 15% stake in Israel's biggest gas field, were up 2.7% by 1:14 p.m. Delek Drilling, a partner in the country's two largest reservoirs, climbed 2.4%.

Energy Minister Yuval Steinitz said in a video released on Twitter that it was "a moment for celebration, in which Israel turns into a regional energy power".

"The North African country is now exporting one billion cubic feet of gas to Europe every month via 10 shipments", Egypt's petroleum minister said in remarks published on Wednesday, and cited by Reuters.

"The step will both enable Israel to export some of its natural gas to the region via Egypt's gas liquefaction plants, and promote Egypt's status as a regional gas hub", the statement said.

Earlier this month, Israel signed a deal with Greece and Cyprus that would lay the groundwork for a future natural gas pipeline connecting the country's offshore gas fields with European markets.

The North African country is now exporting one billion cubic feet of gas to Europe every month via 10 shipments, the country's petroleum minister said in remarks published on Wednesday.

Prime Minister Benjamin Netanyahu commented on the move, saying, "Israel is fast becoming an energy superpower, a country that exports energy".

According to reports, under the terms of the deal, for the next 15 years Israel will supply natural gas to Egypt, which plans to liquefy it and export it to Europe. Over the past few weeks, ongoing protests have been held in multiple cities in Jordan after gas from Leviathan started flowing to the kingdom as part of it's own $10bn deal.

Israeli activists, including those who live ashore from Leviathan's production platform, which sits 10km off the coast, have also protested over environmental concerns and tried unsuccessfully to block operations in Israel's Supreme Court.



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