BREAKING NEWS

Israel Electric Company, Yam Thetis, sign $5 b. natural gas deal

By JPOST.COM STAFF

JULY 23, 2009 12:30

Israel Electric Company (IEC) has purchased from the Yam Thetis conglomerate 5 billion cubic meters of natural gas, in a deal which has been valued at nearly $1 billion over five years, it was announced on Thursday. Yam Thetis is owned by Delek Group chairman Yitzhak Tshuva, whose company, along with a number of others control the Tamar and Dalit natural gas reserve sites in the Mediterranean Sea. In January, the Delek Group termed the Tamar site the largest natural gas find in Israel's history, a discovery which Tshuva declared would make the country completely "energy independent." However, the current deal with the IEC will not draw the gas from the newest reserves, but rather the Mary 1 and Mary 2 reserves, which are situated off the coast of Ashdod and Ashkelon.

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