Egypt inks $15 billion gas supply deal with Israeli company

Sissi hopes deal will help turn Egypt into a regional energy hub


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Israel’s Delek Drilling and the US’ Noble Energy signed $15 billion agreement on February 19 to sell a total of 64 billion cubic metres of gas over a 10-year period to Egyptian company Dolphinus Holdings from Israel’s Tamar and Leviathan reservoirs, an agreement that Egypt’s President Abdel Fatah el-Sissi said has a lot of advantages for Egyptians.

AP quoted Sissi as saying on February 21 that Egypt “scored a goal” by signing the deal that will help turn the Arab world’s most populous country into a regional energy hub.

The Egyptian government was not directly involved in the deal, however, but “provided several things to … achieve this deal,” the news agency quoted the Egyptian president as saying. “By making this decision, we scored a big goal.”

Delek Drilling CEO Yossi Abu called the deal “great news” for both countries. “I think that the main thing is that Egypt is becoming a real gas hub of the region,” he said.

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