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Israel's natural gas giant signs first export agreement with the Palestine Power Generation Company

February 10, 2014 at 5:31 am

The partners in Israel’s Leviathan natural gas field have signed an unprecedented $1.2 billion agreement with the Palestine Power Generation Company, whereby the former will provide the latter with 4.75 billion cubic metres of natural gas for a period of 20 years in order to fuel a future 200-megawatt capacity power plant that will be established near Jenin, in the northern West Bank.

Israeli public radio reported that Leviathan stakeholders, including the Delek Group, comprised of Delek Drilling and Avner Oil Exploration, and the Palestinian Energy Minister, Dr Omar Kittaneh, attended the signing ceremony at the American Colony Hotel in occupied east Jerusalem on Sunday.

Yitzhak Tshuva, a controlling shareholder of the Delek Group, told the attendees: “I believe that a strong and stable economy between the Israeli and Palestinian parties will help consolidate peace and stability in the entire region.” Tshuva emphasised that economic cooperation agreements of this sort will lead to creating new jobs and to strengthening the will of both sides to reach the desired peace.

Source: Safa