gypt is currently involved in several significant energy deals, including a major natural gas agreement with Israel valued at approximately US$35 billion. This deal, which is the largest in Israel's history, involves the supply of 130 billion cubic meters of natural gas from the offshore Leviathan field to Egypt over a period extending to 2040. Egypt's transition from a major gas exporter to a net importer has led to a strategic need for this gas deal, which is expected to address the nation's energy deficit and power shortages. The agreement is expected to stabilize the national power grid and ensure Egypt's facilities remain central to the continent's long-term energy security.
Additionally, the US has approved more than US$2 billion in credit guarantees to support U.S. liquefied natural gas (LNG) exports to Egypt, marking a significant expansion in energy financing between Washington and Cairo. This deal is part of a broader framework agreement under which Egypt selected Hartree to supply around 80 LNG cargoes valued at roughly $4 billion. The new LNG arrangements are expected to provide critical flexibility for fuel procurement over the next two years, particularly during peak demand periods.
Egypt's energy sector has come under increasing pressure due to higher electricity consumption, industrial expansion, and fluctuating domestic gas output. The new LNG arrangements are expected to provide critical flexibility for fuel procurement over the next two years, particularly during peak demand periods.
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