After delays by Israel’s Antitrust Authority to make decisions, Palestine Power Generation Co decided to cancel its $1.2-billion Leviathan contract with the Delek Group & Noble Energy.
By Arutz Sheva Staff
An Israeli partner in the Leviathan offshore gas field said on Wednesday a Palestinian Arab company had cancelled a $1.2-billion supply contract, citing delays by Israel’s Antitrust Authority.
Delek said it had informed the Tel Aviv stock exchange that a 20-year contract it had signed with the Palestine Power Generation Co was cancelled by the Arabs on Tuesday, reports AFP.
Delek said this was because of “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.”
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