18/12/2025
Remarks by Prime Minister Benjamin Netanyahu and Energy and Infrastructure Minister Eli Cohen following approval of the NIS 112 Billion Gas Export Deal to Egypt.
Prime Minister Benjamin Netanyahu and Energy and Infrastructure Minister Eli Cohen, this evening:
Prime Minister Netanyahu
"Dear citizens of Israel, today I approved the largest gas deal in Israel's history. The scope of the deal stands at NIS 112 billion. Out of this, NIS 58 billion will go to the state treasury.
I want to show you what we are talking about. Look at this graph. It is in billions of shekels. Initially, in the first four years, we will receive about half a billion shekels for the state treasury. During this time, the companies will be investing massive sums to develop infrastructure: they are expanding the pipeline and doing many other things. Afterward, it begins to rise, and within a few years, it reaches NIS 6 billion every year for the state treasury. This money will strengthen education, health, infrastructure, security, and the future of coming generations.
This deal with the American company Chevron involves Israeli partners, and they will supply gas to Egypt. I approved the deal after ensuring our security interests and other vital interests, which I will not detail here in full. This deal greatly strengthens Israel's status as a regional energy power and contributes to stability in our region. It encourages other companies to invest in gas exploration in Israel’s economic waters. More gas will be found, but first and foremost, this deal obligates the companies to sell gas at a good price to you, the citizens of Israel.
And I want to remind you, there were those among us who fiercely opposed taking the gas out of the water; there were television reports, newspaper articles, and endless demonstrations. They said we would destroy the Israeli economy. Today, it is clear that extracting the gas from the depths of the sea has brought a massive blessing to the State of Israel. This, by the way, is one of the reasons our economy was ranked third among the best economies in the world.
Today it is clear to everyone that the persistence of myself and then-Finance Minister Yuval Steinitz, our insistence on extracting the gas, has proven itself beyond all expectations. And I promise you, it will be the same with this deal.
I want to thank you, Energy Minister Eli Cohen; you persisted and fought in very tedious and firm negotiations on our behalf. I also want to thank your team and everyone who played a part in the success of this deal.
This evening is the fourth night of Hanukkah, and on this day, we have brought an additional jar of oil to the people of Israel. But this time, the flame will burn not just for eight days, but for decades to come. Happy Festival of Lights, citizens of Israel."
Energy and Infrastructure Minister Cohen:
"The approval of this gas agreement is a historic moment for the State of Israel, both in the security-diplomatic sphere and the economic sphere.
This is the largest export deal in the history of the country, totaling NIS 112 billion.
The deal establishes our status as a regional energy power and a leader that its neighbors rely upon.
The approval of the agreement comes after several months of intensive negotiations, and only after we had secured Israel's security and economic interests.
The state’s revenues from taxes and royalties thanks to the deal will stand at approximately NIS 58 billion, and the scope of direct infrastructure investments in the economy will exceed NIS 16 billion. This will create jobs and strengthen the economy.
This is the first export approval that guarantees priority for the local market, and mechanisms were agreed upon that will improve the price of gas for the Israeli market.
Natural gas is a strategic asset for the state. Prime Minister, you resolutely led the Gas Framework exactly a decade ago, and today we are reaping the fruits.
We will continue to work toward bringing in additional local and international companies to invest in Israel, in order to increase reserves for the local market and for export.
I want to thank the Director General of the Ministry of Energy, Yossi Dayan; the Director of the Natural Resources Administration, Chen Bar-Yosef; the Head of the Gas Authority, Moshe Garazi; and our partners in the Finance Ministry who worked together with us."
