Saturday, February 29, 2020

(JNS) In a historic first, Israel began exporting natural gas to Egypt this week according to the terms of a landmark agreement between the two countries.

The Egyptian company Dolphinus Holdings is purchasing 85 billion cubic meters of gas, worth $19.5 billion, from Israel’s Leviathan and Tamar offshore fields in a 15-year deal, Reuters reported.

Israeli Energy Minister Yuval Steinitz and his Egyptian counterpart Tarek el-Molla announced the event in Cairo on Wednesday morning. The two energy ministers released a joint statement saying that the beginning of gas export from Israel to Egypt was an “important development” that would “serve the interests of both sides,” Israel Hayom reported.

The gas is being exported by a subsea pipeline through the Sinai peninsula. Egypt is seeking to export some of it to Europe.

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