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Israeli Gas Shares Soar After Egypt Planned Supply Boost

  • Partners in Tamar, Leviathan reservoirs to sell 35% more gas
  • Accord is set to boost economic ties between the two countries
Updated on

Israeli energy stocks surged after companies developing the country’s largest natural gas fields agreed to increase supply to their Egyptian customer as part of a landmark contract to help meet growing demand in the most populous Arab nation.

Partners in the Leviathan and Tamar offshore reservoirs, led by Israel’s Delek Group Ltd. and the Texas-based Noble Energy Inc., will send 85.3 billion cubic meters of natural gas to Egypt’s Dolphinus Holdings Ltd. over 15 years, according to a Tel Aviv Stock Exchange filing. That’s nearly 35% more than what was agreed on in 2018, when both sides signed a 10-year deal valued at $15 billion.