Tamar Partners Discuss Gas Sales to Israel Electric Corporation

After Israel approved gas exports from the Tamar field to Jordan last week, negotiations in the Middle East continue in their momentum. The Tamar partners kept speaking with Israel Electric Corporation to increase gas sales, while Egypt reportedly is considering LNG imports for $3.55 billion in the 2015-2016 financial year.

TAMAR - ISRAEL ELECTRIC CORPORATION

The main supplier of electricity in Israel is called to take a decision about increased gas supplies from the Tamar fields by Thursday. It could exercise an option to increase quantities supplied under a previous agreement.  

‘The Tamar Partners … are negotiating with IEC regarding exercise of the Option with respect to the period from 2020 so as to be able to exercise it only partially under terms to be agreed. IEC's position on the question of exercising the Option is expected to be received on April 16, 2015 (and not April 15, 2015, which is the date fixed in the above agreement). It is emphasized that there can be no certainty that IEC will decide to exercise the Option’ reads a note released by Delek Group on Tuesday. 

EGYPT: LNG

Also on Tuesday, an official at Egyptian General Petroleum Corporation told Reuters that the country could import around $3.55 billion of LNG in the 2015-2016 financial year.