Egypt says gas deal with Israel is purely commercial, reaffirms Palestinian stance

Egypt's State Information Service (SIS) said Thursday that the recently announced natural gas deal with Israel is strictly commercial and carries no political implications, dismissing media reports that suggested otherwise, said Xinhua.

In a statement, SIS Chairman Diaa Rashwan said the deal is "a purely commercial transaction" based on economic and investment considerations, involving international energy companies such as U.S.-based Chevron and specialized Egyptian firms, without "direct government intervention."

He said the deal supports Egypt's strategic aim of cementing its position as a regional gas trading hub, underpinned by advanced liquefaction plants and gas transport infrastructure.

Rashwan cautioned against what he called "hostile media campaigns" that seek to politicize the deal, noting that its timing does not change its commercial nature.

He also reiterated Egypt's "firm and unwavering" stance on the Palestinian cause, including support for a two-state solution and opposition to forced displacement, highlighting Egypt's diplomatic role in Gaza reconstruction efforts.

On Wednesday, Israeli Prime Minister Benjamin Netanyahu said he had approved a gas deal worth 112 billion shekels (about 34.7 billion U.S. dollars) under which Israel will supply natural gas to Egypt, calling it "the largest gas deal in Israel's history."

Israeli Energy Minister Eli Cohen, speaking alongside Netanyahu, described the approval of the agreement as "a historic moment" for Israel, both diplomatically and economically.

Back in August, Egyptian authorities clarified that the deal is an amendment to an earlier agreement in 2019, extending Israeli gas supply to Egypt until 2040.