Egypt's Prime Minister Moustafa Madbouly said extending a natural gas import agreement with Israel's NewMed Energy will secure supplies priced below global market levels. At his weekly press briefing Wednesday, the prime minister said the pact — originally signed in 2019 to import gas from the Leviathan field — uses a pricing formula that keeps costs lower than international benchmarks. The extension adds volumes and lengthens the term to 2040. "When we receive this gas, process it and sell it internationally, we make a strong profit," Prime Minister Madbouly said. "More importantly, it powers industries that generate far greater economic benefits." The prime minister described the deal as a commercial arrangement between international companies and said Egypt has similar contracts with other countries. He added that the agreement has no political implications and won't affect Cairo's stance on the Gaza conflict. Attribution: Amwal Al Ghad English
