After seven months of deliberations and negotiations, the Treasury and Dead Sea Works (DSW) have reached a compromise on the funding of a major salt harvest project aimed as rehabilitating the Dead Sea. According to the deal, DWS agreed to fund 90% of the future salt harvest operation in the area, as well as pay higher royalties to the State. Related stories: Dead Sea bills pass preliminary reading Spencer Tunick 'does' Dead Sea Dead Sea loses 'wonder of nature' bid The salt harvest is meant to stop the Dead Sea's north bank from flooding, which would place the area's thriving hotel industry at risk. The project's costs projections are at NIS 3.8 billion (roughly $998 million). Dead Sea Works will pay about $787 million while the State will pay roughly $202 million. Two issues that have yet to be resolved are that of excess costs, should those present themselves during the project, and the question of responsibility for its execution deadline, or any delays to the project itself. The Dead Sea (Photo: EPA) The compromise still has to meet the government's approval and while Finance Minister Yuval Steinitz welcomed it, the deal is likely to be opposed by Tourism Minister Stas Misezhnikov and Environmental Protection Minister Gilad Erdan, who are pursuing different legislation in the matter. Despite the deal, the Knesset's Economics Committee decided Wednesday to back the two's legislation and will continue its predatory work on the Dead Sea bill. Committee Chairman Carmel Shama (Likud) said that the compromised was "not satisfactory" and that the State should opt for legislation in the matter, which will naturally be more binding than any compromise. 'Compromise pathetic' The deal struck between the Treasury and Dead Sea Works was widely slammed by Israel's environmental groups. Friends of the Earth Middle East (FoEME) Israeli director Gideon Bromberg said that "the tycoons' deal with the Treasury won't save the Dead Sea," adding that it would only impede the environmental rescue and rehabilitation efforts in the area. He urged the government to reject the deal in favor of "proper legislation." The Israel Union for Environmental Defense also slammed the deal, calling it "pathetic. Not only were the negotiations held in secret, without the public ever knowing why the State decided to forego millions that should have been paid by DSW, the deal's outline was never made public." Steinitz' decision not to form a committee to negotiate with the company in a transparent manner, the group added, "speaks volumes of his capitulation to the industry… This is a dangerous indication of how (the company) is trying to defraud the public by creating the semblance to protecting public interests." MK Dov Khenin (Hadash) labeled the deal "outrageous" adding that the Treasury's decision warrants an investigation by a parliamentary commission of inquiry. Avital Lahave, Zvi Lavi and Billie Frenkel contributed to this report Follow Ynetnews on Facebook, Twitter and Google+