Cairo Denies New Gas Deal with Israel
Cairo denied signing a new gas deal with Israel worth up to $20 billion, while reports indicate non-binding understandings between companies within the Tamar field and an unidentified Egyptian entity to supply gas from 2031 to 2043, contingent upon approvals and detailed agreements. These understandings do not constitute a final contract or a formal commitment from Egypt and come amid political tensions related to the war on Gaza. The Egyptian market relies heavily on energy imports due to declining domestic production and increasing demand for gas, especially in the electricity sector. Egypt's statements clarify that economic relations with Israel remain purely commercial, despite regional tensions. Reports suggest that these potential agreements could generate billions of dollars in revenue if implemented, but negotiations are still in the early stages and have not been officially confirmed.
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