Israel this week started pumping natural gas to Egypt from two massive offshore fields, marking a major milestone and a historic cooperation between the countries.
The move comes shortly after natural gas started flowing from the massive Leviathan gas field, and some seven years after Israel starting pumping gas from the nearby Tamar field.
Israel’s Minister for Energy, Mr. Yuval Steinitz, on Wednesday heralded “the start of the most significant cooperation ever between Israel and Egypt, in energy and the economy, since the peace treaty”.
One source in Israel’s energy industry estimated the value of the gas to be sold to Egypt under the updated contract at a total value of $19.5 billion.
The move signals not only a step up in bilateral cooperation, but will serve as a launching pad for regional cooperation as well.
Jerusalem’s and Cairo’s energy ministries issued the rare joint statement on Wednesday morning, calling the move “an important development that will serve the economic interests of both sides”.
