Yuval Steinitz, minister for national infrastructures, energy and water, told Israel’s Army Radio that the government wants to reach an agreement with exploration companies on a natural gas policy framework as soon as possible, Bloomberg said June 17.
Delek Group Ltd. rose to the highest since December as investors discerned an end to months of regulatory uncertainty that halted development of Israel’s offshore natural gas fields.
“I think we are nearing the end of the regulatory saga as all parties want to reach a solution,” Eldad Tamir, chief executive officer of Tel Aviv-based Tamir Fishman Group, said by phone. “Any delay hurts the Israeli economy.” Tamir said his financial services company, which has $5 billion in assets under management, recently upped its stake in Delek Group.
The development of Leviathan, Israel’s largest offshore natural gas field, held by Houston-based Noble Energy Inc. and units of Delek Group, has stalled amid arguments over policy.
The country’s antitrust commissioner, David Gilo, tendered his resignation last month to protest the blueprint that is set to be approved. Gilo said it doesn’t do enough to break up the gas monopoly that emerged after two major offshore fields were discovered several years ago. Delek’s stock dropped to an 11-month low in December after Gilo threatened to declare the partnership in Leviathan a restrictive arrangement.
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