Israeli Gas Finally Reaches Egypt as Mega Deal Bears Fruit
- Step enacts landmark energy pact initially worth $15 billion
- Egypt is trying to become re-export hub for gas-hungry Europe
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Egypt began receiving natural gas from Israel, enacting a deal initially worth $15 billion that’s part of the North African country’s plan to become an energy re-export hub on Europe’s doorstep. Israeli gas stocks rose.
The step “represents an important development that serves the economic interests for both countries,” Egypt’s Oil Ministry said early Wednesday in a statement announcing the first transfer.