June 12, 2019 / 12:02 PM / a month ago

Israel Electric to buy about $700 mln in natgas from Leviathan

TEL AVIV, June 12 (Reuters) - Israel Electric Corp will buy about $700 million worth of natural gas until June 2021 from the Leviathan field in the Mediterranean, one of the partners in the field said on Wednesday.

Delek Drilling said the Israeli state utility will buy about 4 billion cubic meters of gas from Leviathan, from the time it begins operation around Oct. 1, 2019 until June 30, 2021, or until the Karish field comes online, whichever happens first.

Delek owns 45% of Leviathan while Texas-based Noble Energy and Ratio Oil are also partners in the field.

Reporting by Tova Cohen Editing by Steven Scheer

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