‘Little Israel Becomes Major Player in Global Energy’

Landmark deal will see Israel provide natural gas to Europe to help lessen the latter’s dependency on Russia.

By Israel Today Staff | | Topics: Energy
View of the Israeli Leviathan gas field gas processing rig near the Israeli city of Caesarea. Photo: Marc Israel Sellem/POOL

Just like that Israel is now a major player in the global energy market.

It’s no secret by now that Israel has been blessed with an abundance of natural gas. Until now, however, that strategic resource hadn’t been leveraged in a political or diplomatic manner.

On Wednesday, Israel, the European Union and Egypt signed a landmark deal that will see the Jewish state sell large quantities of its natural gas via Cairo to European nations that rely on it.

Egypt has the facilities to liquify the natural gas and transport it on.

“This is a tremendous moment in which little Israel is becoming a significant player in the global energy market,” said Israeli Energy Minister Karine Elharrar as she signed the agreement in Cairo.

Certainly Israel will benefit financially from this deal. But it also gains standing and influence on the world stage.

The one downside could be damage to relations with Russia.

The European bloc currently imports 40 percent of the natural gas it consumes from Russia. That flow has been severely impacted by the war in Ukraine and European condemnation of Moscow.

If Israel can help to make up the difference, that would bolster Europe’s ability to oppose Russian aggression. But it could also mean Moscow takes a more hostile stand toward the Jewish state.

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