Israel has granted an export permit for as much as $35bn in natural gas to be sold to Egypt from the massive Leviathan gasfield, resolving a stand-off with the US after it lobbied on behalf of co-owner Chevron.
Prime Minister Benjamin Netanyahu touted the tax benefits of the deal, claiming that it would generate about $18bn in revenue for the state and strengthen Israel’s position as an energy exporter in the region.
The announcement, made on Wednesday night, came after a lengthy delay from when the deal was initially announced and a cancelled early November trip by US energy secretary Chris Wright, partly in frustration over Israel’s deferral of the export licence.
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