Seeking Alpha

Israel nearing $60B in gas sales to Egypt liquefaction plants

  • Amid the latest flareup of Middle East violence, one-time enemies Israel and Egypt are negotiating deals that may mean the sale of $60B in Israeli natural gas to liquefaction plants in Egypt.
  • Executives at Noble Energy (NYSE:NBL) and units of Israel’s Delek Group said this week they expect to finalize by year-end agreements to deliver as much as 6.2T cf of gas over 15 years from the Tamar and Leviathan offshore fields to LNG facilities in Egypt.
  • For Israel, the two fields have more than enough gas to supply it for decades, so it is seeking a way to export the excess, and shipping it to Egypt would be faster than building LNG plants; the Russia-Ukraine crisis has made energy security a top priority for Europe, which will be scrutinizing all potential energy sources.
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