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Tuesday, February 25, 2020

(JNS) In a historic first, Israel began exporting natural gas to Egypt this week according to the terms of a landmark agreement between the two countries.

The Egyptian company Dolphinus Holdings is purchasing 85 billion cubic meters of gas, worth $19.5 billion, from Israel’s Leviathan and Tamar offshore fields in a 15-year deal, Reuters reported.

Israeli Energy Minister Yuval Steinitz and his Egyptian counterpart Tarek el-Molla announced the event in Cairo on Wednesday morning. The two energy ministers released a joint statement saying that the beginning of gas export from Israel to Egypt was an “important development” that would “serve the interests of both sides,” Israel Hayom reported.