Israel, Egypt sign $15bn natural gas purchase agreement

By Abdel Raouf Arnaout

JERUSALEM (AA) - Delek Drilling, an Israeli company, announced Monday that it had inked a deal to sell natural gas to Egypt at a total value of $15 billion over the next 10 years.

According to the Jerusalem Post, the company will supply Dolphin Energy, an Egyptian firm, with seven billion cubic meters of gas annually.

Israeli Prime Minister Benjamin Netanyahu hailed the deal.

“I welcome this historical agreement,” he was quoted as saying in a statement released by his office.

"It will bring billions of dollars into state coffers, which can later be spent on education, health services and welfare for the benefit of Israel’s citizens," he said.

Netanyahu went on to assert that the deal with Egypt would also serve to strengthen “our security, economy and our regional relations”.