Israel signs Egypt gas permit, becomes major energy exporter

Israel signs Egypt gas permit, becomes major energy exporter:

Israel became a major energy exporter for the first time on Monday after signing a permit to export natural gas to Egypt. The announcement comes just days before a lucrative Israeli gas field in the Mediterranean Sea is expected to go online.

Energy Minister Yuval Steinitz called the permit a “historic landmark” for Israel. He said it’s the most significant economic cooperation project between the neighboring countries since they signed a peace deal in 1979.

The European Union, seeking to reduce its dependence on Russian gas, has encouraged the formation of new delivery routes, including through the eastern Mediterranean. These routes could also curtail Iranian ambitions to use Syria as a gateway to the Mediterranean.

“The natural gas revolution turns us into an energy power and affords us not just huge income for the country but also a dramatic decrease in air pollution,” Steinitz said. Israel is planning to wean itself off coal, thanks to the expected gas boon.