Netanyahu Approves Deal to Develop Israel’s Natural-Gas Fields

23 May 2016   Israel

Israel’s Prime Minister Benjamin Netanyahu on Sunday approved an amended deal to develop the country’s natural-gas fields after months of legal wrangling that has stunted the growth of the domestic hydrocarbon industry. Israel’s highest court in March ruled against an initial framework agreement to develop the country’s offshore fields. It called the deal unconstitutional, citing a clause in the agreement that gave energy companies pricing and regulatory stability for 10 years regardless of potential shifts in the government. Mr. Netanyahu on Sunday said the clause had been removed from the amended framework. An Israeli official said the government had added another clause that said the gas companies would be potentially compensated for any future changes in regulation. “The important thing now isn’t to delay,” Mr. Netanyahu told his weekly cabinet meeting. The new […]

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