Tamar Signs Contract worth estimated total of $750m

abarrelfullabarrelfull wrote on 26 Jan 2012 14:34
Tags: israel tamar

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On January 25, 2012, Take-or-Pay agreement for the supply of natural gas over 15 years was signed by the Tamar Partners with Paper Hadera Ltd. to supply up to a total approximate quantity of 3.3 BCM. The quantity supplied is subject to be reduced in case Paper Hadera does not build an intended power plant.

In the agreement the gas price is calculated according to a formula based on 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 the second half of 2013. The agreement is subject to a number of closing conditions.

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