Cairo: Gas deal with Israel ‘strictly business’

A landmark natural gas deal with Israel is a “strictly commercial” arrangement with no political dimensions, Egypt said on Thursday.

The Egyptian government reaction, which came the day after Israeli Prime Minister Benjamin Netanyahu announced the $35 billion, 15-year deal—the biggest gas sale in Israel’s history—is seen as Cairo’s attempt to shield itself from Arab criticism over the mammoth agreement with the Jewish state.

“The deal is a purely commercial transaction concluded exclusively on the basis of economic and investment considerations, and does not involve any political dimensions or understandings whatsoever,” said Diaa Rashwan, the head of Egypt’s State Information Service.

“The agreement serves a clear strategic interest for Egypt by strengthening its position as the sole regional hub for gas trading in the Eastern Mediterranean,” Rashwan added in a statement.

Egypt was the first Arab country to make peace with Israel in 1979, but popular opinion in the Land of the Nile remains hostile, and relations have become strained in the wake of the war in Gaza, triggered by the Oct. 7, 2023, Hamas-led invasion of southern Israel.

The agreement also comes as the U.S. has been reportedly trying to broker a summit between Netanyahu and Egyptian President Abdel-Fattah el-Sisi. The two leaders have not met in public since 2017 and the deal was seen as an effort to bolster bilateral relations.

U.S. President Donald Trump said Thursday that he would “love” to have the Egyptian leader come to Florida later this month, when Netanyahu is expected to visit.

Israel discovered sizeable natural gas fields off its Mediterranean coast in the early 2000s and began exporting gas—first to Jordan and later to Egypt—almost a decade ago.

Egypt’s gas production began declining three years ago, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.

“This deal greatly strengthens Israel’s status as a regional energy power and contributes to stability in our region,” Netanyahu said.

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