Globes: Treasury seeks solution to gas monopoly impasse

Senior Ministry of Finance officials will meet with Delek and Noble representatives next week to explore possible solutions.

The Ministry of Finance has summoned Israel's gas and oil exploration and production companies  - Delek Group Ltd. (TASE: DLEKG), Avner Oil and Gas LP (TASE: AVNR.L), Delek Drilling Limited Partnership (TASE: DEDR.L), Ratio Oil Exploration (1992) LP (TASE:RATI.L), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and US operator Noble Energy Inc. (NYSE: NBL) - that hold licenses for the country's large reservoirs, to a meeting next week.  The meeting will be an attempt to find a solution regarding their holdings in the Leviathan and Tamar gas fields, following Israel Antitrust Commissioner David Gilo’s decision to break up the gas monopoly. The companies will meet with Ministry of Finance Budgets Chief Amir Levi and National Economic Council head Eugene Kandel. 

A hearing will be held later this month, where Antitrust Commissioner David Gilo will decide whether the holdings in Tamar and Leviathan constitute a cartel. The Ministry of Finance will try and provide solutions prior to the Antitrust Authority’s decision. Energy market sources believe that Delek Group controlling shareholder Yitzhak Tshuva is considering giving up Delek’s holding in Tamar, and maintaining its Leviathan holding. However, nothing has as of yet been agreed upon by all parties. MORE