Conglomerate investment company Israel Corp. Ltd. (ILCO.TV) has signed a deal to buy $4 billion in natural gas from the local offshore Tamar field, becoming that field's biggest potential customer after the state-owned electric company.
Conglomerate investment company Israel Corp. Ltd. (ILCO.TV) has signed a
deal to buy $4 billion in natural gas from the local offshore Tamar field,
becoming that field's biggest potential customer after the state-owned electric
company.
Israel Corp., through three of its subsidiaries, will buy several billion cubic
meters of natural gas over about 15 years, Delek Drilling Ltd. Partnership
(DEDRL.TV), one of the partners in Tamar, said Monday.
This deal comes after a 2010 deal in which Israel Corp. selected an Egyptian
gas supply contract over one from Tamar. But that contract, signed with East
Mediterranean Gas Co., was never actually fulfilled because last year EMG
stopped supplying gas to Israeli companies after the fall of former Egyptian
president Hosni Mubarak's regime and a subsequent series of attacks on the
pipeline in the
Sinai Peninsula
.
Israel
's
state-owned Israel Electric Corp. recently signed a deal to buy $20 billion in
natural gas from Tamar over the next two decades. Tamar is scheduled to begin
production next year, and contains an estimated 9 trillion cubic feet of
natural gas.
Power companies, government officials and investors are eager for the supply
from Tamar to start because
Israel
is
currently suffering from a natural gas shortage after EMG stopped supplying gas
to the country, which has pushed up electricity prices.
The Israel Corp. subsidiaries involved in the gas supply deal are Rotem OPC
Ltd., a private power plant company, Israel Chemicals Ltd. (ICL.TV), and Oil
Refineries Ltd. (ORL.TV).
Stakeholders in Tamar include Delek Drilling and Avner, both subsidiaries of
Delek Group Ltd., which each hold a 15.6% stake; Isramco 2 Negev Ltd. Partnership
(ISRAL.TV), which holds 28%; and Houston-based Noble Energy Inc. (NBL.NYSE),
which holds 36%.
At 0803 GMT, shares of Israel Corp. were up 15 shekels ($3.88), or 0.61%, at
ILS2,473.00, in a lower Tel Aviv market. Trading in shares of the Israel Corp.
subsidiaries involved in the deal, and shares of the Tamar stakeholders, had
been halted due to the announcement of the deal.
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