The IDB subsidiary has signed a deal with EMG for natural gas deliveries.
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Clal Industries and Investments Ltd. (TASE: CII) has signed a 15-year contract with East Mediterranean Gas Company (EMG) for the supply of natural gas worth $106-125 million. The gas is intended for the Clal Industries' planned power station.
The power station will be owned and operated by Clal Industries subsidiary Mashav Ltd. to supply electricity to another subsidiary Nesher Israel Cement Enterprises Ltd. The power station will cost $30 million to build and is expected to slash the company's expenditures on electricity. Clal Industries said that it expected natural gas deliveries to begin in the second half of 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2007
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