ICL signs MoU with Energean for long-term supply of natural gas
TEL AVIV, Israel — ICL, a global specialty minerals and specialty chemicals company, announced that it has signed a non-binding Memorandum of Understanding (MoU) with Energean Israel Limited to enter into negotiations for a definitive agreement to supply up to 13 Bcm of natural gas to the Company at a total consideration of approximately $2 B over a 15-yr period.
The gas will be used to power ICL's power stations and facilities in Israel. Energean holds licenses to develop the Karish and Tanin natural gas fields in Israel's territorial waters. The natural gas will be supplied to ICL by Energean from the commencement of Energean's production of gas from the Karish and Tanin fields.
A definitive agreement with Energean is subject to the receipt of required approvals and arrangements for access to adequate alternate sources of natural gas in the event that the gas fields are not developed by Energean.
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