Energy ministers from Egypt and Israel have confirmed that Israel is now a supplier of natural gas to Egypt, with first exports initiated on Wednesday. Israeli Energy Minister Yuval Steinitz and Egyptian Minister of Petroleum Tarek El-Molla jointly stated the initiative would “serve the economic interests of the two sides.”
The news comes weeks after a senior industry source announced Egypt would import natural gas from Israel in January 2020. The source stated the exports will eventually reach 7 billion cubic meters.
The announcement closely follows the approval from Minister Steinitz for the start of production at the giant Leviathan field. Authorizations include exports totalling 60 billion cubic meters (bcm) of gas from Leviathan and 25 bcm from Tamar field over the next 15 years. The deal is valued around $15 million.