Egypt said Thursday that its newly announced natural gas deal with Israel is a purely commercial agreement driven by economic interests and does not include any political understandings between the two countries.
Diaa Rashwan, head of Egypt’s State Information Service, said the agreement was signed solely on economic grounds and stressed that Cairo’s political positions, including on Gaza, are not linked to the gas deal.
In a statement, Egypt described the agreement as a “clear strategic interest” for the country, saying it supports Cairo’s long-standing goal of strengthening its role as a regional hub for natural gas trade in the eastern Mediterranean.
Rashwan said the deal is far removed from any political interpretation and involves well-established international energy companies operating in the region for years, including U.S.-based Chevron, alongside Egyptian firms. He said the agreement was reached without direct government intervention.
He warned against what he described as efforts to politicize the deal and said Egypt’s stance on the Palestinian issue remains unchanged. Cairo continues to support what it calls the legitimate rights of the Palestinian people, rejects forced displacement and remains committed to a two-state solution, Rashwan said.
Prime Minister Benjamin Netanyahu on Wednesday hailed the agreement as “the largest gas deal in Israel’s history.” He said the total value of the deal is 112 billion shekels (about $30 billion), with 58 billion shekels expected to flow into Israel’s state coffers.
Netanyahu said that in the first four years alone, about 500 million shekels would go to the state annually, with revenues expected to rise to around 6 billion shekels a year as infrastructure investments, including pipeline expansion, are completed.
Approval of the deal followed U.S. pressure and is expected to pave the way for a planned trilateral summit involving Netanyahu, U.S. President Donald Trump and Egyptian President Abdel Fattah el-Sissi, to be held at Trump’s Florida estate.