Israel Supreme Court Rules Against Offshore-Gas Deal

28 Mar 2016   Israel

Israel’s Supreme Court on Sunday ruled against a landmark deal to develop and export the country’s offshore gas reserves, a setback for Prime Minister Benjamin Netanyahu, who campaigned for it. The panel of judges called the deal unconstitutional, citing a clause in its framework that gave energy companies pricing and regulatory stability for 10 years regardless of potential shifts in the government. The main stakeholders in the fields, U.S.-based Noble Energy Inc. and Israeli partner Delek Group, had argued that the stability clause was required for them to make the investments necessary to develop the fields. The deal will be suspended for one year, the court said. Mr. Netanyahu’s government will be required to amend it during that period and potentially put the details to a vote in the Israeli parliament, known as […]

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