Chevron is nearing a final investment decision for a capacity expansion of the Leviathan gas field off Israel's Mediterranean coast, but is still waiting for an…
Chevron is nearing a final investment decision for a capacity expansion of the Leviathan gas field off Israel's Mediterranean coast, but is still waiting for an Israeli permit to export the gas to Egypt as part of a $35 billion deal, it said on Wednesday.
Chevron and its partners in the field, NewMed and Ratio, in August signed the largest export agreement in Israel's history, worth up to $35 billion, to supply gas to Egypt mainly via new pipelines.
But Israel's Energy Minister Eli Cohen has refused to approve the gas export agreement to Egypt until a "fair price" for Leviathan's gas for the Israeli market is agreed upon.
"We confirm that we are nearing a Final Investment Decision for potential capacity expansion of the Leviathan reservoir," Chevron said in an emailed statement.
"We will continue working with all stakeholders to create the conditions that will encourage the investments necessary to ensure that Israel and the region have the affordable energy," it said.
US PRESSURE ON ISRAEL OVER EXPORT PERMIT
Cohen's office on Friday said that U.S. Energy Secretary Chris Wright cancelled his planned visit to Israel over the issue.
"The U.S. administration has applied significant pressure on officials
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