In the largest export deal in Israel’s history, NewMed Energy and its Leviathan gas partners have signed a $35 billion agreement to supply approximately 130 billion cubic meters (BCM) of natural gas to Egypt by 2040.
The agreement, finalized with Egypt’s Blue Ocean Energy, significantly upgrades a previous deal and is expected to bolster regional energy cooperation while securing Israel’s domestic gas needs for decades.
NewMed, which leads the Leviathan Partnership, described the deal as “the most significant move since the discovery of gas reserves in Israel.” The gas will continue flowing from the Leviathan reservoir, which began supplying Egypt in 2020 under an earlier agreement covering 60 BCM. So far, 23.5 BCM have been delivered, at an annual rate of around 4.5 BCM, including spot sales.
“This deal reflects a deep and mutual appreciation between Delek Group and our Egyptian partners, with whom we continue a long path of economic cooperation. For us, this is not only an extraordinary business achievement – it is a historic milestone that strengthens regional cooperation and promotes stability and hope in the Middle East,” said Yitzhak Tshuva, the controlling shareholder of the Delek Group. The Delek Group is an Israeli multinational holding company of which NewMed is a subsidiary.
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