The CEO of New-Med Energy reveals Egypt's support: "Understand and say 'we are with you'"

Yossi Abu, CEO of New-Med Energy, spoke today (Tuesday) with commentator Maariv Ben Caspit at the 2024 business conference under the auspices of Bank Leumi. He referred to the gas market these days, the effects of the war on the export of natural gas from Israel and also on relations with Arab Saudi Arabia and Egypt.

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What's up with the gas these days? Does the war affect this entire operation of Israeli gas in the Middle East?
"I have visited Cairo many times. Israel's natural gas is a classic example of strategic relationships that are immune even to geopolitical upheavals. In the end, relationships that are built on a real need, from which both sides benefit, are strong relationships. We ended 2023 with Sales of 8.2 BCM for production, when the entire Israeli economy consumes 13 BCM. This is part of the resilience of the relationships."

Your life is conducted in an immune universe.
"The influence actually came from our side. When the war started, the Tamar reservoir was shut down, and we at the Leviathan reservoir increased exports to meet the needs of the Israeli economy first and foremost. The Egyptians were the ones who understood this and said, 'We are with you.' The bumps were less from our side. In the end, we We should strive to develop more strategic relationships in the regional arena."

What about Saudi Arabia?
"We talked for years about Egypt and they looked at us as if we were delusional. I will give you some facts about Saudi Arabia. I think normalization is a necessity. When you look at the regional conditions, the interests of Saudi Arabia and Israel are the same. When I look at the border triangle of Jordan, Egypt and Saudi Arabia , when we are at the peak, Saudi Arabia produces 3,000 megawatts of electricity from oil products. These products cost 4 to 9 times more than Israeli gas and are much more polluting. We can supply natural gas to Saudi Arabia. The economic interest is there, the ability to reach a deal there, and the infrastructure It's nothing and nothing in our world. We'll get there."