Egypt has signed a deal with Israel to import 64 billion cubic meters of gas over the next 10 years. Worth 15 billion dollars, the deal has sparked some controversy in Egypt. Yasser Hakim explains why.

Egyptians first heard of the deal through statements by Israeli Prime Minister Benjamin Netanyahu. At first, it caused outrage as to why import gas when Egypt is nearly self sufficient, and why from Israel in particular. Egyptian President Abdel Fattah El SISI moved quickly to allay those concerns.

ABDEL FATTAH EL-SISI EGYPTIAN PRESIDENT "The Gas that is extracted from wells is raw gas it needs liquefaction process for local consumption or export. How can we be a regional power in energy? We have an infrastructure not available in most countries in the middle east. Therefore we can benefit from the gas discovered in the east Mediterranean, Cyprus, Israel, Lebanon and others. Either it's liquefied in Turkey or through us."

The contract was signed by Egypt's private sector according to a new law that allows more freedom of trade in energy.

MEDHAT YOUSEF, FORMER HEAD EGYPT NATIONAL PETROLEUM AUTHORITY "The private sector was allowed to use the Gas from Israel and liquify it using Egypt's strong infrastructure of two liquefaction terminals, so Israel can re-export to its clients. Egypt will profit a lot from this deal, as well as the gas will be transported through Egyptian pipelines."

Egypt has two liquefaction plants in Damietta and Edco. They are valued at $20 billion but have been dormant since the 2011 uprising. The government is trying to make full use of the plants, together with the new Gas discoveries, new wharfs, storage tanks and pipelines.

MEDHAT YOUSEF, FORMER HEAD EGYPT NATIONAL PETROLEUM AUTHORITY "Egypt is targeting be placed on the World map for Gas pricing and will have its own benchmark in the international Natural Gas market. Might be called the Egypt Hub or Mediterranean Hub, just like Henry Hub in the US."

YASSER HAKIM CAIRO, EGYPT "Cairo says the Israeli Gas deal won't be the last. It expects a similar agreement with Cyprus after its fallout with Turkey and another contract with Lebanon in the near future. Yasser Hakim CGTN Cairo."