Prime Minister Benjamin Netanyahu announced on Wednesday that he had approved the largest energy deal in Israel’s history, with neighboring Egypt, which is expected to boost Israel’s economy by billions of shekels in the coming years.
In a video statement alongside Energy Minister Eli Cohen, Netanyahu said that the natural gas deal with Cairo was worth NIS 112 billion ($34.7 billion), of which NIS 58 billion ($18 billion) would go into public coffers. In the first four years, he said, around NIS 500 million ($155 million) would go to the state yearly, and this was expected to climb to NIS 6 billion per year ($1.9 billion) by 2033.
“The agreement is with the American company Chevron, with Israeli partners who will supply gas to Egypt,” Netanyahu said.
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