Egypt emphasizes 'Israel' gas deal is "purely commercial"
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- Egypt signs major gas import deal with 'Israel' worth nearly USD 35 billion.
- Officials insist the agreement is purely commercial and strategic.
- Deal boosts Egypt’s role as regional hub for Eastern Mediterranean gas.
Egyptian authorities confirmed on Thursday a landmark natural gas import deal with 'Israel', describing the agreement as a strategic and commercial move with no political dimensions.
"The deal is a purely commercial transaction concluded exclusively on the basis of economic and investment considerations, and does not involve any political dimensions or understandings whatsoever," said Diaa Rashwan, head of Egypt's State Information Service.
- Strategic economic move -
Rashwan added, "The agreement serves a clear strategic interest for Egypt by strengthening its position as the sole regional hub for gas trading in the Eastern Mediterranean."
Under the deal, 'Israel' will increase gas supplies to Egypt to 130 billion cubic meters, according to NewMed Energy, which first announced the agreement in August.
'Israeli' Prime Minister Benjamin Netanyahu approved the deal on Wednesday, calling it the largest of its kind in Israel’s history. Egyptian authorities emphasized that the timing of the announcement does not affect its commercial nature, which was negotiated earlier according to market principles.
- Historical context and public sentiment -
Egypt and 'Israel' have maintained formal ties since the 1979 peace agreement, with decades of security cooperation, though relations are often described as a "cold peace." Public opinion in Egypt remains largely critical of cooperation with 'Israel', particularly following the recent war on Gaza.
During the conflict, Egypt faced energy supply shortages. Officials carefully avoided naming 'Israel' as the source, citing issues in "a neighbouring country." Rashwan reaffirmed Egypt’s support for the Palestinian cause, saying the country’s position "is firm and unwavering" while continuing mediation efforts in the region.
