Rejected contested agreement for development of Israel gas children
The Supreme Court in Israel yesterday rejected contested agreement on developing gas fields in the country, causing concern for energy companies operating in the Eastern Mediterranean and sparking criticism from the government.
Prime Minister Benjamin Netanyahu agreed in 2015 with the Noble Energy company based in Texas, but the Israeli Delek Group, to withdraw from the two control companies and development-exploitation of a larger deposit Israeli gas (Leviathan).
The framework agreement specifies the developments timeframe decade, with the government committed to constantly keep the levels of taxation and export duties, while companies undertake of developing said drilling field rapidly.
The court found that the decision was taken due to an "unacceptable" the term of the agreement prevents the amendment for a decade.
The court argued that the government is not in a position to take such long-term commitments. "A commitment to the government, including the conservation of the same legal framework for a decade, can not stand," he said.
"We decided to cancel the agreement for natural gas due to this condition," said the court, stating that gives Parliament a margin of one year in order to amend the agreement. Otherwise, the agreement to projections decade depth will be canceled.
The court suggested that the government could pass a law in parliament, but given the strong opposition against the Netanyahu government, such a development is unlikely.
Prime Minister Netanyahu was presented to the Supreme Court in February to support the agreement, for the first time in the State of Israel's history. "This agreement has no alternative if it is not approved, it will have negative consequences for the country" had stated before the judges.
Critics of the agreement believe that the agreement favors the interests of both companies to the detriment of consumers, they had asked the Supreme Court to block it, denouncing the maneuvers Prime Minister to circumvent antitrust laws, according to the Athens Press Agency.
Leader Isaac Herzog expressed opposition yesterday welcomed the "good and encouraging" legal decision.
"The decision is detrimental to the exploitation of natural gas reserves available to Israel. At the same time, Israel is presented as a country with judicial superpowers, hindering the implementation of business agreements. We will find other ways to meet the serious damage that this strange decision causes in Israel's economy, "said Netanyahu characterizing the decision" a serious threat to the development of Israel's natural gas reserves. "
The two companies adhere wait for the implementation of their plans Leviathan until final approval decision. The financial amount of the planned investment is estimated between 5 and $ 6 billion.
The Supreme Court in Israel yesterday rejected contested agreement on developing gas fields in the country, causing concern for energy companies operating in the Eastern Mediterranean and sparking criticism from the government.
Prime Minister Benjamin Netanyahu agreed in 2015 with the Noble Energy company based in Texas, but the Israeli Delek Group, to withdraw from the two control companies and development-exploitation of a larger deposit Israeli gas (Leviathan).
The framework agreement specifies the developments timeframe decade, with the government committed to constantly keep the levels of taxation and export duties, while companies undertake of developing said drilling field rapidly.
The court found that the decision was taken due to an "unacceptable" the term of the agreement prevents the amendment for a decade.
The court argued that the government is not in a position to take such long-term commitments. "A commitment to the government, including the conservation of the same legal framework for a decade, can not stand," he said.
"We decided to cancel the agreement for natural gas due to this condition," said the court, stating that gives Parliament a margin of one year in order to amend the agreement. Otherwise, the agreement to projections decade depth will be canceled.
The court suggested that the government could pass a law in parliament, but given the strong opposition against the Netanyahu government, such a development is unlikely.
Prime Minister Netanyahu was presented to the Supreme Court in February to support the agreement, for the first time in the State of Israel's history. "This agreement has no alternative if it is not approved, it will have negative consequences for the country" had stated before the judges.
Critics of the agreement believe that the agreement favors the interests of both companies to the detriment of consumers, they had asked the Supreme Court to block it, denouncing the maneuvers Prime Minister to circumvent antitrust laws, according to the Athens Press Agency.
Leader Isaac Herzog expressed opposition yesterday welcomed the "good and encouraging" legal decision.
"The decision is detrimental to the exploitation of natural gas reserves available to Israel. At the same time, Israel is presented as a country with judicial superpowers, hindering the implementation of business agreements. We will find other ways to meet the serious damage that this strange decision causes in Israel's economy, "said Netanyahu characterizing the decision" a serious threat to the development of Israel's natural gas reserves. "
The two companies adhere wait for the implementation of their plans Leviathan until final approval decision. The financial amount of the planned investment is estimated between 5 and $ 6 billion.
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