Bloomberg: Noble Energy, partners adding final touches on Israeli gas deal
Aug. 8, 2018 9:28 AM ET|By: Carl Surran, SA News Editor
Noble Energy (NYSE:NBL) and its partners in developing Israel’s largest natural gas fields have finalized details of a deal that would give them control over a pipeline to Egypt, a crucial step that would pave the way for a $15B export contract, Bloomberg reports.
The deal reportedly involves setting up joint venture companies in Cyprus and the Netherlands, through which NBL, Israel’s Delek Drilling (OTC:DKDRF) and Egypt’s East Gas would buy a 37% stake in Eastern Mediterranean Gas Co., held by businessmen Sam Zell and Yosef Maiman and others, and would eliminate legal obstacles to implementing the gas export contract.
The companies are planning to start gas imports from Israel in the beginning of next year