Egypt Clarifies Israeli Gas Import Deal Following Media Speculation on New $35 Billion Agreement
Egypt has not signed any new agreement to import Israeli gas, according to Moataz Atef, Undersecretary for the Minister’s Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources, clarifying recent media reports during a prime-time television appearance.
Atef’s comments addressed widespread speculation about a purported new $35 billion deal to import gas from Israel through 2040, explaining that this represents an extension of an existing 2019 agreement rather than a fresh contract.
The clarification comes as part of Egypt’s broader strategy to secure gas supply through multiple channels, including offering incentive packages to gas explorers and addressing natural decline in domestic gas fields. The country has also leased Floating Storage and Regasification Units providing combined regasification capacity of 2,250 million cubic feet per day.
Egypt has additionally secured agreements for gas exports from Cyprus’ Cronos and Aphrodite fields under the EGYPES 2025 framework, with implementation expected in the medium term. The country continues developing plans to source gas from across the broader East Mediterranean region.
Responding to questions about the extended duration and substantial value of the Israeli gas arrangement, Atef emphasized that the Egyptian government prioritizes long-term contracts to ensure strategic energy supply stability. However, he noted reservations about the agreement’s final value, indicating terms remain under negotiation.
Source: egyptoil-gas.com
