UK’s Energean signs new gas supply deal in Israel
UK-based gas producer Energean says its Israeli subsidiary has signed a gas sale and purchase deal with Kesem Energy to supply fuel for a new power plant in Israel.
Under the agreement, which represents more than $2bn in revenue, Energean Israel will supply Kesem’s new plant with about 12.5 billion cubic metres (441 billion cubic feet) of gas over the 17-year lifespan of the contract.
Energean, which primarily operates in Israel, has been benefitting from increased gas demand in the country due to rising electricity needs and coal phase-out plans.
The company aims to double its production in the coming years, primarily by developing new prospects in Israel.
EU to increase funding for PA as Israel withholds tax revenue
The European Union (EU) will increase its financial support for the Palestinian Authority (PA) with a three-year package worth about 1.6 billion euros ($1.8bn), a top European official has told Reuters.
Dubravka Suica, the European commissioner for the Mediterranean, said the EU would expect the PA to make changes in return for the funds.
The funding could help make up a shortfall for the PA, which said last week that Israeli authorities are withholding about $1.8bn in tax revenue collected from Palestinian import taxes.
Israel has repeatedly used its control of Palestinian finances to exert pressure on, or punish, the PA, including after the PA asked the International Court of Justice to rule on the legality of Israel’s decades-long occupation.
The PA has governed parts of the Israeli-occupied West Bank since the mid-1990s but has faced criticism, including for its role in recent violent raids on Jenin.
