Jerusalem – Israel says it has reached an agreement with developers on a regulatory framework for its natural gas reserves.
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The agreement comes after months of squabbling that began last year when Israel’s antitrust commissioner considered designating the American-Israeli partnership that is developing the gas a monopoly.
The deal sets a price ceiling for future sales to Israeli companies and commits the gas firms to complete the development of the country’s largest gas field, known as Leviathan, by 2020.
Israeli Prime Minister Benjamin Netanyahu welcomed the agreement at a press conference on Thursday. The deal will be brought to a Cabinet vote on Sunday.
Critics say the deal bows to the gas firms’ demands and does not do enough to protect Israeli consumers.
This is good news. If the socialists had their way, the gas would be sold at confiscation prices. Noble spent it’s own money to find this. It would have been like CHAVEZ in Venezuela. No companies would invest in Israel knowing they would limit profits. The gas will be cheaper to consumers than if bought on open market. That is the best you can hope for. The jobs and tax revenues will add so much to the country. Mazel tov.