ICL signs contract with Energean for long-term supply of natural gas
ICL announced that further to the signing of the Memorandum of Understanding, or MoU, in August this year, a binding contract was signed with Energean Israel. According to the contract the Greek company will supply up to 13 BCM of natural gas to ICL at a total consideration of up to $1.9B over a 15 year period. The agreement is subject to receipt of required approvals, the regulation of the supply of natural gas and the approval by the company's shareholders. 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 starting from the second half of 2020 at the earliest, dependent on the completion of development and commencement of production of natural gas in the fields, and will be used to operate ICL's plants and power stations in Israel.