Delek, Ratio show Treasury Leviathan development plan

Leviathan

The meeting was ahead of next week's Israel Antitrust Authority hearing on the Tamar-Leviathan monopoly.

A recently completed meeting between Ministry of Finance officials and Delek Group Ltd. (TASE: DLEKG) and Ratio Oil Exploration (1992) LP (TASE:RATI.L) representatives indicates that most of the meeting was devoted to the Ministry's effort to understand the plan for development of the Leviathan natural gas field. The officials will meet with and Isramco Negev 2 LP (TASE: ISRA.L) and Noble Energy Inc. (NYSE: NBL) tomorrow.

At the meeting representatives of the companies presented the letters of intent and export agreements signed between the natural gas partnerships and the neighboring countries, so that the government will be able to submit to the companies a proposed solution to the crisis in the gas sector created by Antitrust Authority director general Prof. David Gilo's decision to dissolve the Leviathan gas partnership.

Several weeks ago, Gilo decided to retract a consent decree agreed upon with the Leviathan partners, under which they could retain the Leviathan partnership in exchange for selling the Karish and Tanin smaller reservoirs.

Prime Minister Benjamin Netanyahu has since instructed National Economic Council chairman Prof. Eugene Kandel "to find the right balance that will make it possible to both produce gas from the sea in the near future and provide it to every Israeli citizen at a competitive price."

Before publishing his final decision, Gilo will hold a hearing for Delek Group and Noble Energy next week.

Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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