Palestinians sign $1.2 billion gas deal with Israel

(Israel Hayom/Exclusive to The co-owners of the Leviathan gas field off the coast of Israel signed an agreement with the Palestine Power Generation Company (PPGC) on Sunday for the sale of $1.2 billion in natural gas over 20 years.

As part of the agreement, the PPGC, which is slated to construct a power plant in Jenin, will purchase 4.75 billion cubic meters (168 billion cubic feet) of natural gas.

Palestinian Energy Minister Dr. Omar Kittaneh and Delek Group owner Yitzhak Tshuva were present for the official signing of the agreement in Jerusalem. “A strong and stable economy between the two sides will bring peace and stability to the region. New jobs can be created and entrepreneurial and businesses cooperation should be promoted,” Tshuva said.

Posted on January 6, 2014 .