Tamar Signs Contract with Mashav for approximately $680million

abarrelfullabarrelfull wrote on 14 Feb 2012 11:26
Tags: delek gas israel trade

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On February 9, 2012, Take-or-Pay agreement for the supply of natural gas over 15 years was signed by the Tamar Partners with Mashav Initiation & Development Ltd. to supply up to a total approximate quantity of 0.2 BCM per year. The quantity supplied is subject to be reduced to approximately 40% in the situation that Mashav does not extend its power plant as is intended. 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. For more information please see the immediate reports as published on TASE.

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