Palestinian side cancels Israeli gas deal

Palestinian power company cancels contract with counterparts controlling Israeli natural gas reserves. (UPI/Shutterstock/James Jones Jr.) Operators at the Leviathan natural gas field off the Israeli coast said Wednesday a Palestinian group canceled a $1.2 billion purchase contract. Delek Group, which alongside Noble Energy holds an 85 percent stake in the Leviathan project, said it received a "conditioned cancellation notice of the natural gas supply agreement from the Leviathan project to Palestine Power Generation Co." Leviathan is one of the largest regional gas fields, with an estimated 18 trillion cubic feet of reserves. Development was curtailed in late 2014 when the Israel Antitrust Authority said Delek Group and its partners at Noble Energy held a monopoly over all of the gas reservoirs off the nation’s coast. Both companies also control the nearby Tamar, estimated to hold as much as 10 trillion cubic feet of natural gas. Delek in a statement […]

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