Gazprom May Develop Gas Field Offshore Gaza Strip

Palestinian Authority is looking to secure a $1 billion deal with Russia to develop a natural gas field off the coast of the Gaza Strip, reports Times of Israel.

President of Palestinian Authority Mahmoud Abbas is on a trip to Russia where he is expected to sign a deal with Russian Prime Minister Dmitry Medvedev. 

A report by ITAR-TASS news agency earlier this week said that the gas field may hold total 30 billion cubic meters. The Russian state owned news agency further added that Gazprom will possibly develop gas deposits. 

While the Gaza natural gas field was discovered over a decade ago by a British Gas (now BG Group), it was never developed, according to Times of Israel.

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