Egypt says gas deal with Israel ‘purely commercial without political dimensions’

Egypt on Thursday called a major gas deal with Israel "purely commercial without political dimensions."

Israeli Prime Minister Benjamin Netanyahu announced a $35-billion natural gas deal with Egypt on Wednesday, raising controversy over the Egyptian stance regarding the Israeli-Palestinian conflict.

"The gas deal is a purely commercial deal concluded on the basis of purely economic and investment considerations and does not involve any political dimensions or understandings," Diaa Rashwan, chairman of Egypt's State Information Service, said in a statement.

Rashwan reaffirmed that Egypt's support for the Palestinian cause "remains firm and has not and will not change."

"Egypt supports the legitimate rights of the Palestinian people, rejects forced displacement, and adheres to the two-state solution," he said.

"The gas deal is a commercial contract subject to market rules and the mechanisms of international investment, away from any political use or interpretation," he added.

The Egyptian official stressed that the parties of the agreement are "well-known international commercial companies that have been operating in the energy sector for years," including the US-based Chevron, in addition to Egyptian companies specialized in receiving, transporting, and trading gas, "without any direct government intervention in concluding these contracts."

Under the agreement, partners will sell 130 billion cubic meters of gas to Egypt through 2040 in exchange for about $35 billion.

This deal adds to a series of Israeli natural gas supplies to Egypt over the past five years.