Israeli Gas Shares Soar After Egypt Planned Supply Boost - Bloomberg:
Israeli energy stocks surged after companies developing the country’s largest natural gas fields agreed to increase supply to their Egyptian customer as part of a landmark contract to help meet growing demand in the most populous Arab nation.
Partners in the Leviathan and Tamar offshore reservoirs, led by Israel’s Delek Group Ltd. and the Texas-based Noble Energy Inc., will send 85.3 billion cubic meters of natural gas to Egypt’s Dolphinus Holdings Ltd. over 15 years, according to a Tel Aviv Stock Exchange filing. That’s nearly 35% more than what was agreed on in 2018, when both sides signed a 10-year deal valued at $15 billion.
Shares in Delek gained 7.1% and those in partner Ratio Oil Exploration LP climbed 8.2% by 1:58p.m on Wednesday in Tel Aviv -- a rally that spread to other energy stocks. Delek Drilling gained 8.3%.
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