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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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The US East Coast will send out its first LNG exports in early 2018 as Dominion Energy’s Cove Point LNG export facility in Lusby, Maryland becomes operational.

The New LNG Imperative

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The shale gas boom established the US as the world’s leading natural gas producer and is responsible for billions of dollars of investments in the US gas processing industry. Since 2012, the US has witnessed unprecedented growth in new gas processing capacity and infrastructure. This rise is due to greater production of domestic shale gas, which is providing cheap, available feedstock to fuel the domestic gas processing, LNG and petrochemical industries. New gas processing projects include the construction of billions of cubic feet per day of new cryogenic and gas processing capacity, NGL fractionators, multi-billion-dollar pipeline infrastructure projects, and the development of millions of tons per year of new LNG export terminal construction. Attend this webcast to hear from Lee Nichols, Editor/Associate Publisher, Hydrocarbon Processing, Scott Allgood, Director-Data Services, Energy Web Atlas and Peregrine Bush, Senior Cartographic Editor, Petroleum Economist as they discuss the future of LNG and the application of Energy Web Atlas, a web-based GIS platform which allows users to track real-time information for every LNG project.

November 29, 2017 10am CST

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