Israel Electric to buy gas from Tamar offshore

The Israel Electric Corporation has signed an agreement to buy natural gas from Israel’s Tamar offshore site for $19 billion, media reports said Wednesday.

The board of directors of IEC is expected to meet to approve the deal, which is expected to supply the IEC’s needs for the next 15 years.

The company will pay the Tamar partners $5.2-$5.3 dollars per million BTU, some 10%-15% higher than the prices the parties discussed in 2009.