Tamar-1 drilling site
צילום: "אלבטרוס"
Israel Electric strikes $9.5B gas deal
National power company signs 15-year natural gas supply agreement with businessman Yitzhak Tshuva's company, associates
Israel Electric Corp. and Delek Group Ltd. which is controlled by businessman Yitzhak Tshuva, have signed an agreement under which Israel Electric will purchase $500-$750 million-worth of natural gas a year, for the next 15 years totalling an approximate $7.5-$10.5 billion dollars.
Israel Electric's Board of Directors approved the deal's draft outline last week, and it will be finalized over the next few months. Gas supplies are expected by early 2012.
The gas will be mined from the Tamar gas field, which is co-owned by Delek Group, US-based Noble Energy and Israel-based Isramco.
Last year, the gas field was found to be holding potentially commercial quantities of gas.
The three co-owners have been in negotiations to sell the gas with several private companies, as well as with Israel Electric.
