The Egyptian Ministry of Petroleum and Mineral Resources said that recent reports regarding the signing of a new gas supply agreement between Egypt and Israel are inaccurate.
The ministry stated that this is an amendment to a previous agreement signed in 2019, and not a new deal as claimed.
NewMed, a partner in Israel’s Leviathan natural gas field, announced the signing of the largest export agreement in Israel’s history, providing Egypt with gas worth up to US$35 billion.
The Ministry’s official spokesperson, Moataz Atef, explained, during a phone call with Sada al-Balad TV channel on Friday that the primary goal of this amendment is to maximize the use of energy sources and diversify them.
Amending this agreement with Israel falls under a comprehensive vision aimed at ensuring Egypt’s energy security until 2040, he explained, as the state is also working on long-term contracts for strategic guarantee of supply, and the figure being circulated is not final.
Atef added that Egypt is striving to become a regional energy hub in the Middle East.
Egypt has signed several agreements with various countries such as Cyprus over the past few years, he said, to supply natural gas, achieving the desired balance between domestic consumption and exporting the surplus to foreign markets.
Atef emphasized that the state is moving according to a strategic plan to secure its long-term natural gas needs.
Edited translation from Al-Masry Al-Youm
