The companies that own the rights to Israel’s largest natural gas pool are close to securing the $4 billion financing needed to develop the field, according to the chief executive officer of one of the partners.
“The Leviathan financing agreements are in the final stages of negotiations,” Delek Drilling LP CEO Yossi Abu said at a Tel Aviv conference on Monday, referring to the Israeli gas reservoir.
With a large export contract already in hand, obtaining funds is the next milestone for the explorers looking to tap the Leviathan pool, led by US-based Noble Energy Inc. and billionaire Yitzchak Teshuva’s Delek Group. The partners signed a $10 billion deal with Natural Electric Power of Jordan two months ago.
The companies have been in talks with major banks since they cleared antitrust issues with Israel’s government earlier this year. Ratio Oil Exploration 1992 LP, which owns a 15 percent stake in Leviathan, has sold new debt and equity this year, raising about a third of its $600 million portion of the project.
The Leviathan partners will decide on a strategy to deploy the funds in December, Abu said.
The TA-Oil & Gas Index rose as much as 1.1 percent, before paring gains to 1 percent at 4:17 p.m. in Tel Aviv.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI