By: The New York times

The Israeli government, led by Prime Minister Benjamin Netanyahu, has approved the "largest gas deal" in the country's history, granting an export permit for a $37 billion agreement to expand gas deliveries to Egypt. The deal, first announced by energy companies including Chevron in August, received its final governmental authorization, allowing it to proceed.

Netanyahu stated that the agreement would bolster Israel's regional standing as an energy power, contribute to regional stability, and generate approximately $18 billion in state revenue over time. He also emphasized that the deal includes provisions designed to help keep domestic energy prices affordable for Israeli consumers.

The gas will be sourced from Israel's offshore fields, such as the Leviathan field in the Mediterranean Sea, which is vital to the national economy and typically accounts for about 70% of the country's electric power generation.