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Israel Nears Completion of Natural Gas Export Pact with Egypt
(MENAFN) Israeli Energy Minister Eli Cohen announced on Thursday that he anticipates Israel and Egypt will finalize their updated natural gas export accord “within weeks.”
During an interview with a daily newspaper, Cohen maintained that “leaving natural gas in the seabed (of the Mediterranean) contradicts economic logic and Israel’s geopolitical needs,” emphasizing that the country possesses sufficient gas reserves to support both exports and internal demand for roughly 30 years.
He stressed that legislation and regulatory frameworks ought to promote — rather than obstruct — continued development of the sector.
According to Cohen, the new $35-billion gas-export arrangement with Egypt “has not been blocked” by Prime Minister Benjamin Netanyahu’s administration.
“Talks are underway between the two governments and the energy companies, and the gaps have narrowed significantly,” he explained.
Cohen noted that Egypt had requested several security-related clarifications — which he declined to specify — but added that these issues are nearly settled.
“I estimate the agreement will be signed within weeks,” he reiterated.
Egyptian officials have not offered any response regarding the Israeli minister’s remarks.
Calling the accord “historic,” Cohen asserted that it would guarantee reduced energy costs for Israeli consumers and “strengthen Israel’s international and regional standing.”
During an interview with a daily newspaper, Cohen maintained that “leaving natural gas in the seabed (of the Mediterranean) contradicts economic logic and Israel’s geopolitical needs,” emphasizing that the country possesses sufficient gas reserves to support both exports and internal demand for roughly 30 years.
He stressed that legislation and regulatory frameworks ought to promote — rather than obstruct — continued development of the sector.
According to Cohen, the new $35-billion gas-export arrangement with Egypt “has not been blocked” by Prime Minister Benjamin Netanyahu’s administration.
“Talks are underway between the two governments and the energy companies, and the gaps have narrowed significantly,” he explained.
Cohen noted that Egypt had requested several security-related clarifications — which he declined to specify — but added that these issues are nearly settled.
“I estimate the agreement will be signed within weeks,” he reiterated.
Egyptian officials have not offered any response regarding the Israeli minister’s remarks.
Calling the accord “historic,” Cohen asserted that it would guarantee reduced energy costs for Israeli consumers and “strengthen Israel’s international and regional standing.”
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