Israel: Tamar Pens Agreement for Natural Gas Supply

On April 02, 2012, Take-or-Pay agreement for the supply of natural gas over 15 years, worth approximately $700 million, was signed by the Tamar Partners with Paz Ashdod Refinery Ltd. to supply up to a total approximate quantity of 3.12 BCM.

In the agreement the gas price will be linked to electricity production rate as determined time to time by the Public Utility and Electricity Authority and includes a ”floor rate”. The supply is expected to start in mid-2013.

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LNG World News Staff, April 4, 2012.