Sunday, May 22, 2016

Government approves re-drafted gas deal

Israeli Tamar gas rig
Israeli Tamar gas rig
Flash 90
The Israeli government officially approved an altered version of the natural gas deal, after the deal's previous incarnation was controversially vetoed by the Supreme Court.

Under the new agreement, a clause forbidding subsequent governments from changing the deal for 10 years has been scrapped That clause has been replaced instead with a compromise text, which would mandate compensation to the US-led consortium purchasing the rights over the Leviathan natural gas field in the Mediterranean, in the event that the deal was indeed changed by any future Israeli government. READ MORE