- Title: Israel's Leviathan gas to supply Jordan in $10 bln deal
- Date: 27th September 2016
- Summary: JERUSALEM (SEPTEMBER 26, 2016) (REUTERS) VARIOUS OF ISRAELI ENERGY MINISTER YUVAL STEINITZ SITTING IN MEETING (SOUNDBITE) (English) ISRAELI ENERGY MINISTER, YUVAL STEINITZ, SAYING: "Israel will become an important player in the energy market and this will enable us also to discover and develop additional gas fields that are waiting to be explored in the Israeli economic waters."
- Embargoed: 12th October 2016 10:27
- Keywords: Israel gas energy Jordan Leviathan
- Location: JERUSALEM / AT SEA, OFF COAST OF ISRAEL
- City: JERUSALEM / AT SEA, OFF COAST OF ISRAEL
- Country: Israel
- Topics: Government/Politics
- Reuters ID: LVA00351CCMDJ
- Aspect Ratio: 16:9
- Story Text: Backers of Israel's massive Leviathan natural gas field signed a $10 billion deal on Monday (September 26) to supply 1.6 trillion feet (tcf) of gas to Jordan's National Electric Power Company.
The deal marks a significant step forward in Israel's efforts to exploit its offshore gas reserves, although it is still looking for a partnership with Egypt or Turkey, or both, which would give it far more export volume and the possibility of linking up with markets in Europe.
Prime Minister Benjamin Netanyahu has often played up Israel's potential as an economic partner with Sunni Arab countries in the region.
In that respect, the deal with Jordan represents a breakthrough. While Israel and Jordan signed a peace deal in 1994, relations are not always good, but as economic ties deepen, Israel hopes they will become firmer.
Talks on the contract began more than two years ago.
The 15-year deal for Leviathan, which holds an estimated 22 tcf of gas, should help the U.S.-Israeli group secure funds to bring it online.
Production is expected to begin around 2019 or 2020.
- Copyright Holder: REUTERS
- Usage Terms/Restrictions: None