Palestine Power Firm Cancels Deal to Buy Leviathan Natural Gas

Reuters

TEL AVIV, March 11 (Reuters) - The Palestine Power Generation Company (PPGC) has cancelled a deal to buy about $1.2 billion of natural gas from Israel's Leviathan field, the partners in the field said on Wednesday.

A year ago, PPGC had signed a 20-year deal to buy up to 4.75 billion cubic meters of natural gas once Leviathan starts production later in the decade.

PPGC said certain conditions have not been met, including failure to secure approval from the anti-trust authority as well as other regulatory approvals. It also cited delays in development of the project, said Delek Drilling, a key partner in the site.

The cancellation will take effect in 30 days, unless anti-trust approval is secured before then, Delek said.

(Reporting by Tova Cohen; Editing by Steven Scheer)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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