PPGC breaks off Leviathan gas supply agreement

Delek Group and the partners in the Leviathan project, off Israel, announced that on March 10, 2015, Palestine Power Generation Company PLC (PPGC) gave a conditioned cancellation notice to the Leviathan partners on the supply agreement.

The agreement was for the supply of natural gas from the Leviathan field for a period of 20 years and for the supply of a total of up to 4.75 BCM between Delek Drilling and Avner Oil Exploration and the other partners in the Leviathan project and PPGC, that intended to build a power station near Jenin.

According to Delek, the cancellation is due to the non-fulfillment of the conditions precedent set forth in the agreement, and essentially non-receipt of the approval of the Antitrust Authority, the delay in approving the development plan of the Leviathan project as well as other regulatory approvals required by law, as set out in the supply agreement.

The cancellation will be effective within 30 days, unless prior to that date an approval of the Antitrust Authority is received or within 14 days, unless by that date other conditions will be met precedent set forth in the agreement.

The partners in the Leviathan project and their holdings: Noble Energy Mediterranean Ltd. (39.66%); Delek Drilling – Limited Partnership (22.67%); Avner Oil Exploration – Limited Partnership (22.67%); Ratio Oil Exploration (1992) – Limited Partnership (15%).

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