Israel has approved a record-breaking natural gas export agreement with Egypt valued at approximately $34.67 billion. Prime Minister Benjamin Netanyahu described the deal, involving the Leviathan gas field and partners including U.S. energy giant Chevron, as the largest in Israel’s history and a historic milestone. The agreement will see Israel supply gas to Egypt over several years, expanding the countries’ energy cooperation.

The announcement comes as Israel continues its military operations in Gaza, where thousands of civilians have been killed or injured, according to the United Nations and human rights groups. Observers note the stark contrast between Israel’s expanding regional economic partnerships and the ongoing humanitarian crisis in Palestinian territories. Critics argue that while Israel promotes regional stability through energy diplomacy, its actions in Gaza undermine that goal.

Egypt’s declining gas production since 2022 has increased its reliance on Israeli imports, reshaping the regional energy landscape. Analysts suggest the deal could strengthen Israel’s role as a key energy supplier in the Eastern Mediterranean.