ICL has announced the signing of a Memorandum of Understanding and binding contract with Energean Israel Ltd. Under the contract, Energean will supply ICL with up to 13 billion m3 of natural gas for a total consideration of up to US$1.9 billion over a 15 year period.
Natural gas supply will commence in 2H20 at the earliest. This timeframe is subject to the start of production at the Karish and Tanin gas fields in Israels’ territorial waters, which are currently being developed.
ICL will use the natural gas to power plants in Israel.
The agreement is subject to approvals.