gas

Ersin Tatar is seen as closely aligned to the Turkish president amid conflicts over gas rights

Formally still at war after decades of conflict, Lebanon and Israel agreed to launch talks via US mediation over a maritime border running through potentially gas-rich Mediterranean waters.

Last week, Noble Energy, the operator of the Tamar offshore gas field, suspended the supply of gas to the IEC following the completion of its acquisition by energy giant Chevron.

The IEC claims it could lose up to $50 million in the upcoming year due to Chevron refusing to sell gas from Tamar at a reduced rate.

Chevron Chairman and CEO Michael Wirth welcomed the deal, saying he expected "strong financial benefits" for both parties.

Israel’s natural gas and renewable energy innovation has strengthened its ties to countries in Europe and the Middle East.

The newly formed gas bloc comes after the United Arab Emirates and Bahrain signed normalization deals with Israel last month, sending shockwaves through Middle Eastern political corridors.

"The tightening of the American siege and their barring of imports from arriving forced us to reduce distribution of gasoline by 35%," Touma said.

The politicization caused delays that made the fund miss its launch date because tax revenues from the natural gas projects hadn’t reached the trigger of NIS 1b.