UPDATE: Tamar Partners Talking On LNG Supply To Gazprom
22 Marzo 2012 - 3:03PM
Dow Jones News
The Israeli partners in the offshore Tamar natural gas field
said Thursday that they have signed a letter of intent to sell
liquefied natural gas, or LNG, to a unit of Russian energy giant
OAO Gazprom (GAZP.RS).
The partners, which include Delek Group Ltd. (DLEKG.TV)
subsidiaries Avner Oil Exploration (AVNR.L.TV) and Delek Drilling
LP (DEDR.L.TV) , said it would discuss selling 2 million-3 million
metric tons of LNG a year to Gazprom for 20 years, beginning 2017.
The partners said the price would be based on the market price of
natural gas in Asia.
Yaron Zar, analyst at Clal Finance Ltd. in Tel Aviv, said that a
deal with Gazprom would likely give the Tamar partners $1 billion
in additional annual revenue.
The Tamar underwater field contains an estimated 9 trillion
cubic feet of natural gas and is scheduled to begin production next
year.
Tamar made a recent agreement with South Korea's Daewoo
Shipbuilding & Marine Engineering Co. Ltd. (042660.SE) to build
the necessary infrastructure and storage units to produce LNG. Clal
Finance's Zar said that the agreement with Gazprom is likely to
speed up Daewoo's work and ensure production begins.
The Tamar partners have already signed several contracts to
supply Israeli-based customers, including the state-owned electric
company, with natural gas once production begins. Avner and Delek
Drilling said a contract with Gazprom wouldn't limit its ability to
meet Israel's natural gas needs.
At 1312GMT, shares of Delek Drilling were up 0.15 shekels, or
1.08%, at ILS14.00 ($3.71), and shares of Avner were up ILS0.08, or
0.32%, at ILS2.513, in a lower Tel Aviv market.
U.S.-based Noble Energy Inc. (NBL) owns 36% of Tamar.
-By Sara Toth Stub, Contributing to Dow Jones Newswires,
saratoth@gmail.com
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