The Israeli government authorized on Wednesday the export of natural gas worth an estimated $1 billion to Egypt.
After consulting Prime Minister Binyamin Netanyahu, Energy Minister Yuval Steinitz gave approval to a contract signed in March between the Tamar reservoir partners and the Egyptian consortium Dolphinus Holdings, Ynet reported on Wednesday night.
This marks the second time the government has approved gas exports, following the approval in April of exports to a Jordanian company.
The deal with the Egyptian company calls for the sale of up to 5 billion cubic meters of natural gas over seven years, with the annual amount varying according to demand.
“After years of disputes and delays, we are starting to move forward and position Israel as a regional natural gas powerhouse,” said Steinitz.
“Approval of exports to Egypt, in accordance with the government’s decision, is a harbinger of energy cooperation that will develop in the coming years with countries of the region, like Egypt, Jordan, Greece, Turkey, and European countries in general.”