Israeli Prime Minister Benjamin Netanyahu said on Wednesday that he has approved a USD35 billion natural gas export deal to Egypt, the biggest gas deal in Israeli history. The agreement could also help repair relations between the two countries strained during the two-year war in the Gaza Strip.

The gas will be delivered to Egypt over the next 15 years by US energy giant Chevron, a key owner of the gas field off Israel's coast in the Mediterranean Sea. Half of the proceeds are expected to go to Israel's state coffers. In a recorded video statement, Netanyahu said the deal "greatly strengthens Israel's position as a regional energy power, and it contributes to stability in our region.'