Israeli Prime Minister Benjamin Netanyahu announced on Wednesday, December 18, that he approved a USD 34.7 billion deal with Egypt, three months after it had been halted over allegations that the Arab country had violated the 1979 Camp David peace treaty with Israel.

Netanyahu hailed the deal as “the largest in the history” of the Israeli occupation state. He further stressed that it “strengthens Israel’s position as a regional energy power and ensures priority for the local market with good prices for citizens.”

Meanwhile, Israeli Minister of Energy and Infrastructure Eli Cohen, described the move as “a historic moment for Israel both in security and diplomacy, and economically”.

“This is the largest export deal in the country’s history.” Cohen reaffirmed, adding that the deal solidifies Israel’s status “as a leading regional energy powerhouse” for its neighbors.

Netanyahu’s approval of the deal came after continued pressure by the Trump administration

According to US news website Axios, Netanyahu’s decision to endorse the deal resulted from pressure that the Trump administration had exerted on him for the last several weeks.

It is believed that the United States had been pushing for the agreement to be sealed in a bid to improve relations between Cairo and Tel Aviv, after they were affected by Israel’s plans to displace the Palestinian people in the Gaza Strip to Egypt.

In response to these plans, which are considered by Egypt as a threat to its national security, the Egyptian Army reinforced its military presence in the Sinai peninsula.

Analysts suggest that the sealing of the gas deal is crucial for both the US and Israel, in order to maintain a strong relationship with Egypt as a major regional actor in West Asia, especially after it had initiated a new chapter of rapprochement with Iran in June.

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