Leviathan Partners Ink Gas Supply Deal With Palestine Power Generation Company

Delek Group on Sunday said that partners in Israel's Leviathan natural gas field have signed a 20-year deal to sell $1.2 billion worth of gas to the Palestine Power Generation Company (PPGC), reports news agency Reuters.

This is the first agreement for Leviathan, adds Reuters.

According to the news agency, the Leviathan group will sell up to 4.75 billion cubic meters (bcm) of natural gas once Leviathan starts production in 2016 or 2017.

The field is estimated to hold 537 bcm of natural gas.

Partners in the field are Noble Energy with a 39.66 percent stake. Delek Drilling and Avner Oil Exploration, part of Delek Group, hold 22.67 percent each and Ratio Oil Exploration owns 15 percent.

PPGC aims to build a $300 million power plant in Jenin in the Palestinian-controlled West Bank to be operated by the gas from Leviathan, reports Reuters.

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