Israel starts pumping natural gas to neighboring Egypt

'A holiday for the state of Israel': Israeli gas begins pumping to Egypt

Israel began exporting natural gas to Egypt on Wednesday, fulfilling a deal expected to be worth $19.5bn, years in the making.

In Tel Aviv, stocks in Ratio Oil Exploration 1992 LP, which has a 15% stake in Israel's biggest gas field, were up 2.7% by 1:14 p.m. Delek Drilling, a partner in the country's two largest reservoirs, climbed 2.4%.

Israeli Energy Minister Yuval Steinitz said that the Sinai Peninsula has sufficient capacity for current volumes; however, the option of building a second pipeline will be considered if demand from Egypt grows. In October, they agreed to increase gas flows by nearly 35% more than the figure set in 2018, when they inked a 10-year deal valued at $15 billion.

Jerusalem's and Cairo's energy ministries issued the rare joint statement on Wednesday morning, calling the move "an important development that will serve the economic interests of both sides".

The Leviathan and Tamar gas fields are expected to make Israel energy independent, and the pipeline to Egypt is only one of several such projects, with Israel recently concluding an agreement to build another pipeline to export gas to Cyprus and Greece - the so-called "East-Med" project. Israel already exports natural gas to neighboring Jordan.

Spotify is releasing playlists and podcasts for your pets
Experts say that owners and pets can both listen along as research has seen that music can help calm animals. Spotify wants to make sure your beloved cats and dogs have a say in your next playlist.

The deal is also a lifeline for Israel's gas industry, which has had trouble securing foreign investment for the aptly-named Leviathan since its discovery in 2010.

Israeli officials have called the export of gas to Egypt the most significant deal to emerge since the countries signed a historic peace treaty in 1979. It holds some 10 trillion cubic feet of natural gas, half of the amount held in Leviathan.

The announcement closely follows the approval from Minister Steinitz for the start of production at the giant Leviathan field. They also provide a stable source of locally produced energy from four different fields, leading to a more secure supply that is enough to feed all of Israel's electricity needs for decades.

The North African state hopes to become a regional gas hub.

Related News:

  • Antonio Brown conditionally dropped by his agent, reports say

    Antonio Brown conditionally dropped by his agent, reports say

    He had a workout with the New Orleans Saints but was not signed, leading Brown to characterize the workout as a publicity stunt. He was active for one game with the New England Patriots but was released shortly after, amid sexual assault allegations.
    Bitter Blast Friday, Accumulating Snow Saturday Evening

    Bitter Blast Friday, Accumulating Snow Saturday Evening

    Following a weekend of record-breaking heat , the last thing many in the Hudson Valley expected to hear was snow was on the way. On Thursday morning, it appears that Dane County and areas to the south will see that mix into early Saturday morning .
    Federal Bureau of Investigation  arrest former Canadian reservist, suspected neo-Nazi, in United States

    Federal Bureau of Investigation arrest former Canadian reservist, suspected neo-Nazi, in United States

    Attorney's Office in Maryland on Thursday, which alleges Mathews crossed illegally from Manitoba to Minnesota on August 19. A law enforcement official tells CNN that they believe men were planning to attend a pro-gun rally in Richmond on Monday.
  • Horizon Zero Dawn is reportedly coming to PC later this year

    Horizon Zero Dawn is reportedly coming to PC later this year

    It would also point the way to a possible future where PC gamers eventually get all Sony's most-coveted games ported over. If true, it will be the first time a major PlayStation exclusive game from a Sony-owned studio has been released for PC.
    NetherRealm Studios finally unveils Mortal Kombat 11's Joker trailer

    NetherRealm Studios finally unveils Mortal Kombat 11's Joker trailer

    The trailer showcases Joker's brutal style, particularly when it comes to his combos and X-Ray moves. As an added bonus and keeping with the DC Comics theme, they can also look forward to skins as well.
    Teen Expelled From School After Wearing Rainbow Shirt On Her Birthday

    Teen Expelled From School After Wearing Rainbow Shirt On Her Birthday

    The school told the Louisville Courier-Journal that the student had committed several violations of their behavioral policy. Unfortunately, she did not live up to the agreement, and therefore, has been expelled", the statement read.
  • Microsoft pledges to be 'carbon negative' by 2030

    Microsoft pledges to be 'carbon negative' by 2030

    The company is also launching an initiative to use its tech to help suppliers and customers reduce their own carbon footprints. When a business says it is carbon neutral , it aims to effectively add no carbon to the atmosphere.
    Cyberpunk 2077 delayed into September

    Cyberpunk 2077 delayed into September

    CD Projekt Red cites more time as necessary to ensure an extra level of polish as reason for the decision. CD Projekt Red's next major game release Cyberpunk 2077 has been delayed until September 17, 2020.
    California woman missing for six days is found alive

    California woman missing for six days is found alive

    She is "currently in stable condition", authorities said. "Thank you Butte county sheriff's and everybody involved in the search". There was no response to the hovering, which caused searchers to doubt they would find James alive, Honea said .
  • HBO Max orders three-part Aquaman toon

    HBO Max orders three-part Aquaman toon

    Aquaman was a much-needed jolt of fun into the then DCEU and along with Wonder Woman forged a new brighter path. Each episode is slated as a standalone, created in conjunction with Warner Bros.
    Spinoff Ordered: AEW Dynamite Wrestling' Renewed at TNT Through 2023

    Spinoff Ordered: AEW Dynamite Wrestling' Renewed at TNT Through 2023

    Also , the new AEW deal is said to be more than the $30 million per year that the USA Network is paying for NXT . Both parties are continuously exploring ways to further expand this relationship.
    'OK Boomer' makes its way into Supreme Court

    'OK Boomer' makes its way into Supreme Court

    Roberts was referring to the viral meme " OK Boomer ", which originated out the social media site TikTok previous year . Get all the news you need in your inbox each morning.

Most liked

MS Dhoni fails to get BCCI’s central contract
Test wicket-keeper Wriddhiman Saha was promoted to grade B where he joins opener Mayank Agarwal and three others who will earn 30 million rupees each.

The Incident That Led To Kagiso Rabada's One-Test Ban
Fellow commentator Pietersen said the way Rabada got close to batsmen after dismissing them was unacceptable. He has to remember he is damaging his team.

Shikhar Dhawan Pays Heartfelt Tribute To Team India "Superfan" Charulata Patel
Her enthusiasm was noticed by commentator Sourav Ganguly and the former Indian captain helped viewers identify the fan. The Board of Control for Cricket in India (BCCI) paid tribute on Twitter after Patel's family announced her death.

Ukrainian prime minister submits resignation after tapes
Honcharuk, 35, announced he had submitted his resignation to Zelensky in a Facebook post , stating the president is "a model of transparency and decency".

Federer, Nadal kick in AU$250,000 for Australian bushfire relief
Federer also paired up with Nadal to donate A$ 250,000 from their own pockets too help with bushfire relief. Roger Federer of Switzerland and Nick Kyrgios of Australia pose for a photo during the Rally For Relief.

Ariana Grande Hit With Copyright Suit Over’7 Rings’
Stone desires profits from " 7 Rings " and an uncover from a make a resolution prohibiting " 7 Rings " from seeing sunlight hours. Josh Stone claims in a new lawsuit - obtained by TMZ - he wrote a tune known as "You Need It, I Bought It" in January 2017 ...

Xiaomi makes POCO an independent brand in India
Here POCO distinctly Relame, OPPO, Samsung the brand such as in addition to the Redmi brand from any collision will. The brand launched its first smartphone in the form of Poco F1 , which received critical acclaim.

Oscars 2020 Nominations: All the Snubs and Surprises
For her part, the film's director herself is expressing no outrage or sadness at being overlooked for a directorial nomination. Lorene Scafaria ( Hustlers ) and Marielle Heller ( A Beautiful Day in the Neighbourhood ) had also been in the conversation.

Alphabet becomes fourth USA company to hit $1 trillion-mark
Alphabet hit the US$1t mark just before markets closed on Thursday (US time), and ended the day at US$1,451.70 per share. Apple is the most valuable company in the United States, with a market value of almost $1.4 trillion.

Reese Witherspoon is Shook Beyonce Sent Her the Ivy Park Collection
Bey also wrote a heartfelt note which reads, "Here is something special from my Adidas x Ivy Park collection ". A few of Reese's famous friends and followers commented on the post.

European Union warns Britain against 'veiled discrimination' after Brexit
The Prime Minister's official spokesman said: "Our EU regime provides security to millions of EU citizens across the country". Von der Leyen said during her trip to Ireland that the post-Brexit pact was about more than trade.

MBB Final: Clemson 79 No. 3 Duke 72
Now, just a couple days later, they've got a win against the state of North Carolina's other monster program, Duke. Clemson: The obituaries of the Tigers' season written after a 73-68 overtime loss to Miami were premature.

BT is First UK ISP Partner for Google's Stadia Cloud Gaming
The two companies will also work together on initiatives created to build awareness, access and availability of Stadia in the UK. Google Stadia will add more than 120 games to its library in 2020, Google said in a recent blog post .

Demi Lovato to perform national anthem at Super Bowl
There were 13 coaches' challenges on performs in which defensive move interferences had been known as by officials. Super Bowl LIV will be broadcast live from Hard Rock Stadium in Miami, Florida, on February 2.

China's 2019 property investment up 9.9% y-o-y, sales fall
Industrial output grew 6.9pc from a year earlier, the strongest pace in nine months, while retail sales rose 8.0pc. Ning Jizhe, commissioner of the NBS, said China's economy generally sustained a stable momentum of growth in 2019.