Israeli firm NewMed Energy announces $35bn deal to supply gas to Egypt

Israeli firm NewMed Energy announces $35bn deal to supply gas to Egypt
Source: NewMed Energy / Caption: NewMed retains exploration rights for over 45 percent of Israel's giant Leviathan offshore gas field

In a deal worth $35 billion, Israeli firm NewMed Energy has said it will supply Egypt with an increased total volume of 130 billion cubic meters of natural gas, according to AFP, citing a report published by NewMed.  An original 2019 agreement between Egypt and the Israeli American Leviathan consortium provided for the supply of 60 billion cubic meters of natural gas to the North African country, at 4.5 billion cubic meters per year. NewMed energy’s latest report said that “the supply period shall be extended until 31 December 2040 or until the date on which the Buyer shall consume the total contract quantity."

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