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Israel, Turkey sign gas deal agreement

Israel, Turkey sign gas deal agreement

  • Israeli and Turkish energy firms have signed an agreement to sell $1.3 billion worth of gas to Edeltech.
  • The Leviathan natural gas field was discovered in 2010 and holds an estimated 622 billion cubic metres (bcm) natural gas reserves.The partners have committed to provide 6 bcm within 18 years.
  • Edeltech and Zorlu Enerji, a Turkish energy conglomerate will employ the gas to operate two new energy plants being established in southern Israel. Both plants will provide energy to the industrial sector.
  • The privately owned Edeltech and Zorlu have already become partners with three energy plants in southern Israel.
  • The deal involves selling the first gas from the Leviathan reservoir to the Israeli market.
  • The agreement consists of two memorandums of understandings signed by the partners with neighboring Jordan and Egypt last year.
  • The Leviathan gas field and the smaller Tamar field are controlled by a consortium headed by Texas-based Noble Energy and Israel-based Delek Group. The gas production in Tamar was kicked off in March 2013.
  • The long-awaited agreement allowing Noble and Delek to develop the Leviathan was finally signed in December 2015 by Israeli Prime Minister Benjamin Netanyahu.

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