US-Initiated Leviathan Gas Deal to Make Israel Major Energy Power in Middle East

The US-led consortium monitoring the development of Israel's Leviathan offshore gas field has signed its first landmark export agreement with Jordan's National Electric Power Company (Nepco), worth $10 billion. Thus Israel has taken its first step towards playing an important role in the global energy market, German newspaper DWN wrote.

The gas deal is slated to bring Israeli natural resources to the world market, the article said.

The agreement is worth $10 billion, and, according to it, Israel will supply Jordan with 300 million cubic feet of gas every day for 15 years.

"The supply of natural gas to Jordan will enable the people of Jordan to benefit from the same clean, efficient and economical energy source as in Israel and will contribute to the continuing economic growth and prosperity of the respective economies of Jordan and Israel," Leviathan shareholder Yossi Abu told FT.

The provision of natural gas to Israel's eastern neighbor is expected to begin in 2019, although the deal is still subject to approval by Israeli and Jordanian authorities.

Leviathan is Israel's largest offshore gas field, and is being touted as a way for the country to become a major energy power in the Middle East.