Turkey and Israel indicated Sunday that they're ready to restore diplomatic relations suspended six years ago after a deadly clash at sea between Israeli commandos and pro-Palestinian Turkish activists.
The deal was still being wrapped up by negotiators while Israeli Prime Minister Benjamin Netanyahu's traveled to Rome to meet U.S. Secretary of State John Kerry, a senior Israel official said on condition of anonymity to discuss confidential talks.
Netanyahu will outline terms of the agreement at a noon press conference Monday, according to his office.
Turkey's Prime Minister Binali Yildirim is scheduled to speak at the same time in Ankara, state-run Anadolu Agency reported, without saying how it got the information.
The accord would pave the way for multibillion-dollar natural gas contracts as Israel seeks to export fuel from its largest field and Turkey looks to reduce its reliance on Russian fuel.
MUST READ: Israel apologies with eyes closed
Israeli gas shares pared losses Sunday on news of an imminent deal, which is to be followed by the return of ambassadors and the opening of energy talks.
The Israeli shekel and Turkish markets don't trade on Sunday.
Years of on-again, off-again rapprochement talks received new impetus after the Turkish military downed a Russian combat plane in November, provoking Russian economic sanctions that highlighted Turkey's vulnerability to Moscow's energy policies.
As part of the reconciliation agreement, Israel will put $20 million into a fund established to compensate for the deaths of 10 Turkish citizens killed in Israel's 2010 raid on the Mavi Marmara, a Turkish ship that tried to breach the Israeli blockade of the Hamas-ruled Gaza Strip.
The formal signing will probably take place on Tuesday, the official said.
Turkey will be allowed to transfer materials to build housing, a hospital, a power station and a desalination facility in Gaza, the official said.
Turkey abandoned a demand that Israel lift the naval embargo, which it says is meant to block arms shipments.
Money for the families of those killed, which Israel agreed to pay without accepting responsibility for their deaths, won't be paid until Turkey passes legislation indemnifying Israeli soldiers and officials against prosecution for the raid, the Israeli official said.
As part of the agreement, Turkish President Recep Tayyip Erdogan will pledge in a letter to help return bodies of two Israeli soldiers killed in the 2014 Gaza war, held by Hamas, according to the official.
Turkey was once Israel's closest Muslim ally, their partnership based on strong military and economic ties.
Relations began to fray after Erdogan took power in Turkey in 2003 at the head of an Islamic-oriented government and drew nearer to Iran and Hamas, which oppose the existence of a Jewish state.
The Turkish leader's heated criticism of Israeli policy toward the Palestinians, especially the Gaza incursion of 2008, created serious tensions.
Erdogan stomped off a stage he shared with Israel's then-President Shimon Peres at the World Economic Forum in Davos.
Following the naval raid, which Israel says turned deadly after commandos encountered violent resistance, Turkey severed diplomatic ties and put four former Israeli military officers on trial in absentia for the killings.
The countries appeared to be on the verge of resuming full diplomatic relations in 2013 after Prime Minister Benjamin Netanyahu apologized for the flotilla incident at the urging of U.S. President Barack Obama.
Talks stalled over Turkey's compensation demands and insistence that the Gaza blockade be lifted, and Israel's demand that Turkey not go after its soldiers in court.
Turkey's clash with Russia turned the tide, and negotiations between the sides heated up shortly after.
The Washington Post
Mon Jun 27 2016
An image taken from the Free Gaza Movement website on May 28, 2010, of people sending off the Turkish ship Mavi Marmara taking part in the "Freedom Flotilla" heading towards the Gaza Strip.
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.