Historic gas agreement: Israel approves $35 billion deal with Egypt

Israeli Prime Minister Benjamin Netanyahu said he approved on Wednesday a major gas deal with Egypt worth nearly $35 billion.

"Today, I approved the largest gas deal in Israel's history. The deal is worth 112 billion shekels ($34.7 billion). Of this total, 58 billion shekels ($18 billion) will go to the state coffers," Netanyahu said during a televised address.

"The agreement is with the American company Chevron, with Israeli partners who will supply gas to Egypt," Netanyahu added. Energy Minister Eli Cohen, who was present during the address, said: "This is the largest export deal in the state's history."