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Palestinian company will not receive Israeli gas

March 12, 2015 at 10:03 am

A deal to supply the Palestinian Energy Company (PPGC) with Israeli gas has been cancelled, companies working in the Leviathan gas field informed the Tel Aviv Stock Exchange.

The companies said that the agreement, which was signed last December, has been cancelled in line with the agreement’s provisions.

One of the conditions set forth in the agreement for its implementation is the approval of the Antitrust Authority, which is in charge of trade regulations in Israel, on the exemption from a binding settlement regarding these companies’ ownership of the gas fields.

The $1.2 billion deal would have provided the Palestinians with Israeli gas, with the Palestinian Power Generation Company being supplied with gas from Leviathan for 20 years.