A PYMNTS Company

Israel: Antitrust Authority avoiding court in negotiations

By  |  January 13, 2015

Tuesday, at the annual Antitrust Authority meeting, regulator head David Gilo reaffirmed his decision to liquidate the natural gas monopoly that Delek Group and Noble Energy are enjoying. Delek Group and Noble Energy had previously agreed to divest certain assets to firms entering the market

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Gilo said the Antitrust Authority is not intervening because the monopoly merely exists, but rather “We’re intervening against the monopoly because of the allegation that the monopoly was obtained through an alleged agreement in restraint of trade made by the parties.” Gilo said that the legislator requires the Antitrust Authority to first check with the alleged violators to see if they will follow the settlement. If an agreement is reached, then the plan is open for public criticism and comment after which it is studied and if deemed suitable it is finally submitted for court approval. Gilo further stated that after evaluating public comments on the previous settlement draft, the Antitrust Authority decided the previous draft was an insufficient solution.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    The previous draft allowed the companies to keep both of the major reservoirs and sell the two smaller ones. The Antitrust Authority is avoiding taking the allegations to court due to the threat from Delek and Noble to not develop the Leviathan reservoir if any legal proceedings occur. The Leviathan reservoir is one of two reservoirs containing 90 percent of Israel’s natural gas reserves and both are under Delek and Noble control.

    Full Content: Globes

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.