• Netanyahu announces a $35 billion natural gas deal with Egypt.
• The agreement is the largest gas deal in Israeli history.
• Egypt claims the deal is a 'purely commercial' arrangement.
• US energy giant Chevron is a key player in the agreement.
• The deal aims to deliver gas over the next 15 years and strengthen regional energy stability.

Israeli Prime Minister Benjamin Netanyahu announced on Wednesday the approval of a major natural gas agreement with Egypt worth approximately $35 billion. This deal, which he described as the largest of its kind in Israel's history, involves supplying gas from the Leviathan field to Egypt over the next 15 years, with approximately half of the proceeds expected to benefit Israel's state finances, according to aa and indiatimes.

During the announcement, Netanyahu emphasized that the deal "greatly strengthens Israel's position as a regional energy power" and contributes to stability in the region, especially amid strained relations due to the ongoing conflict in Gaza. He noted that the deal was initiated after ensuring Israel's vital security interests were met, according to aa and aljazeera.

Egypt has stated that the agreement is driven by commercial interests without political undertones. The State Information Service emphasized that it is a "purely commercial transaction" aimed at reinforcing Egypt's role as a key regional gas trading hub. Additionally, the Egyptian energy company BOE is involved in purchasing the gas under this agreement, which underscores the economic motivations behind the deal, as noted by aljazeera.

Concerns emerged previously when Netanyahu had instructed that the deal must not proceed without his direct approval amid allegations regarding the violations of their peace treaty by Egypt. Despite these tensions, Netanyahu's recent announcement indicates a shift towards reaffirming economic ties, as reported by aa and indiatimes.