Israel Electric Corp. signs multi-billion-dollar deal with gas company

Israel Electric Corp. si

The Israel Electric Corp. (IEC) announced on Sunday that it would sign a deal to supply the public with natural gas from an Israeli offshore drilling enterprise. The contract between the IEC and Noble Energy, which heads the Tamar natural gas project, is said to amount to US $9.5 billion - an unprecedented scope. "The [Tamar] project is developing from a discovery into an advanced gas project capable of providing the Israeli market with a reliable source of gas for many years," one of the deal's signatories told Israel Radio on Sunday afternoon. "It will not only contribute to environmental protection, but also save [the government] money on imported gas ... Israel will become a regional player in the energy industry."