Israel Announces $35 Billion Natural Gas Deal With Egypt as US Pushes for Regional Summit

Israeli Prime Minister Benjamin Netanyahu announced Wednesday that Israel has reached a $35 billion natural gas agreement with Egypt, a move that comes as the United States pushes for renewed diplomatic engagement between the two longtime regional partners.

In a televised address, Netanyahu described the agreement as the largest gas deal in Israel’s history, valuing it at roughly 112 billion shekels, or about $34.6 billion. The deal involves US-based energy company Chevron and will see Israeli natural gas supplied to Egypt.

Netanyahu said the agreement strengthens Israel’s role as a regional energy power and contributes to broader stability in the Middle East. He added that the deal is expected to encourage further investment in gas exploration within Israel’s offshore economic waters.

According to an Israeli source familiar with the negotiations, official approval of the deal had been delayed for several months before Israel moved forward under pressure from the Trump administration. President Donald Trump has been seeking to arrange a summit between Netanyahu and Egyptian President Abdel Fattah el-Sisi as part of broader efforts to advance regional peace initiatives and expand the Abraham Accords.

Egyptian officials have not yet publicly commented on the announcement. CNN has reached out to Egypt’s Ministry of Petroleum and Mineral Resources for additional details.

Israel and Egypt signed a historic peace treaty in 1979, but their leaders have not met publicly in nearly a decade. A second Israeli source said Netanyahu’s announcement was intended, in part, to help lay the groundwork for a potential meeting with Sisi.

Netanyahu is scheduled to travel to the United States later this month to meet with Trump at Mar-a-Lago. He had previously been expected to attend a peace summit in Sharm el-Sheikh, Egypt, in October but withdrew at the last minute.

Egypt has played a central role in mediation efforts related to the Gaza war, though relations between Netanyahu and Sisi have remained strained over the years. The gas agreement could mark a significant step toward renewed cooperation between the two countries.

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