BREAKING: Israel Strikes Massive $610 Million Gas Pipeline Deal to Supercharge Egypt Exports
US energy giant Chevron and its partners in the Leviathan reservoir have signed a landmark $610 million deal with Israel Natural Gas Lines for a new 65-kilometer pipeline that will dramatically boost natural gas exports to Egypt.
The engineering, procurement, and construction contract for the Nitzana export route represents a 15-year commitment to transport at least 600 million cubic feet of natural gas per day from the offshore Leviathan field, running from Ramat Hovav in southern Israel to the Nitzana crossing on the Israeli-Egyptian border. Construction is expected to be completed by 2028.
This strategic pipeline has the potential to increase Israel’s total export capacity to Egypt to more than 2.2 billion cubic feet per day, significantly enhancing energy security across the Eastern Mediterranean region. The deal follows the partners’ announcement in August of a $35 billion agreement to supply natural gas to Egypt, marking the largest export deal in Israel’s history.
“This milestone reflects Chevron’s commitment to advancing energy security in Israel and regionally,” said Jack Baker, managing director of Chevron’s Eastern Mediterranean Business Unit. “The Nitzana export route will deliver substantial domestic economic benefits and also support energy security across the Eastern Mediterranean region.”
Leviathan, one of the world’s largest deep-water gas discoveries, contains an estimated 600 billion cubic meters of gas located about 120 kilometers west of Haifa. The project is expected to funnel hundreds of millions of shekels in revenues from gas royalties and taxes to Israel’s state coffers.
Source: timesofisrael.com
