JERUSALEM, Feb. 24 (Xinhua) -- Israel's Natural Gas Authority will establish a trading hub to allow energy companies to buy and sell surplus natural gas, the Ministry of Energy and Infrastructure said in a statement on Tuesday.
The move is intended to increase competition among suppliers and consumers, boost transparency, and connect Israel more closely to regional and international energy markets.
In preparation, the authority held talks with Hungary's gas operator FGSZ, which runs the country's own trading hub, to learn from its experience.
The platform, to be operated by a private company selected by the ministry, will initially allow consumers and companies to place short-term bids for same-day or next-day gas supply. Suppliers may join later, with the potential to expand into weekly or monthly contracts.
"An active trading hub will strengthen confidence in the market, streamline activity, and align Israel with international gas trading standards," the ministry said.
It added that the initiative supports innovation, investment, and Israel's role as a regional energy leader.
According to official data from Israel's Ministry of Energy and Infrastructure, the country set a new natural gas production record in 2024, with 27.38 billion cubic meters (bcm) from Leviathan, Tamar and Karish, its three major offshore natural gas fields. It marked an 8.3 percent increase from 25.28 bcm in 2023.
Nearly half of the 2024 output was exported to neighboring Egypt and Jordan. Production figures for 2025 are expected to be published soon. ■
