Israel's Energy Minister discussed alternatives after the stability clause was struck down by the High Court of Justice.
Ministry of National Infrastructure, Energy, and Water Resources Yuval Steinitz met with Delek Drilling Limited Partnership (TASE: DEDR.L) CEO Yossi Abu and Noble Energy country manager Israel Bini Zomer in their first meeting since the High Court of Justice struck down the stability clause in the natural gas agreement.
At the meeting, various alternatives for providing stability and security to the gas companies that would allow the Leviathan gas reservoir to be developed were discussed. Among other things, safety nets for energy companies and guarantees of various types for international banks financing the project were discussed, as were anchoring stability in appropriate Knesset legislation and compensation mechanisms in the event of material regulatory changes.
The company executives expressed their hope to Steinitz that if a quick and suitable solution is found for the stability problem, development of Leviathan could proceed without significant delays.
Published by Globes [online], Israel business news - www.globes-online.com - on March 29, 2016
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Yuval Steinitz