Monday, February 19, 2018

Israel and Egypt Trade Partners

Israel has struck a "historic" multi-billion dollar gas deal with neighboring Egypt.

Israeli drilling company Delek Drilling and its US partner Noble Drilling announced Egyptian firm Dolphinus would buy around 64 billion cubic meters (2.26 trillion cubic feet) of gas over a decade. The gas would come from Israel's Tamar and Leviathan offshore gas fields.
The $15 billion (12 billion) deal would "strengthen our security, economy and regional relations," Netanyahu said.
In 2016, Israel signed a $10 billion deal with Jordan to buy 8.5 million cubic meters of gas per day over 15 years.
Yossi Abu, chief executive of Delek Drilling, said the deal could turn Egypt into an export transit hub for Israeli gas.
"The export deals establish Egypt's status as a regional energy center which allows the supply of gas both to the Egyptian domestic market and for export, and allowing economic development of the Egyptian and the Israeli economies," he said.

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