Israel Electric set to sign new Tamar gas deal - GLOBES

23 Sep, 2019 18:26
Amiram Barkat

The gas price in the new agreement has been lowered to $4.30 per BTU for 18 months.

Israel Electric Corporation (IEC) is close to signing a new agreement with the owners of rights in the Tamar natural gas reservoir. The gas price in the new agreement has been lowered to $4.30 per BTU for 18 months, after which the agreement with IEC will be renegotiated. In effect, the agreement renews the competition between the Tamar and Leviathan reservoirs, because it enables IEC to buy gas from Tamar at a lower price than it obtained from Leviathan. The agreement is also an achievement for the Public Utilities Authority (Electricity), because it improves the terms in comparison with the previous agreement between IEC and Tamar, which the Public Utilities Authority refused to approve.

Leviathan won out over Tamar in a tender published by IEC for the purchase of variable quantities of gas beyond the minimum that it is obligated to buy from Tamar. The holders of rights in the two reservoirs offer the same price - $4.79 per BTU, but IEC management preferred Leviathan to Tamar.

Gas helps to warm Russia, Turkey relations after tumultuous 12 months - PLATTS

October 25, 2016 05:01 UTC

Moving toward the brink of war is about as serious as a geopolitical relationship can get — and that is where Moscow and Ankara found themselves after NATO member Turkey shot down a Russian fighter jet on the border with Syria on November 24 last year.

Diplomatic efforts succeeded in calming the immediate tensions, but nonetheless Moscow’s reaction was a pledge to “seriously reevaluate” its relationship with Ankara.

As well as a raft of economic sanctions, part of the geopolitical rhetoric was a move by the Kremlin to halt all talks around the already complex negotiation process on the planned TurkStream gas pipeline from Russia to Turkey under the Black Sea.

The link — originally intended as a 63 Bcm/year South Stream replacement — had already been downgraded to a two-line 31.5 Bcm/year project, and talks were becoming increasingly protracted as Ankara insisted the pipeline’s realization be linked to a gas discount on Russian gas imports.

Turkey: 10 pct natl gas price cut set to start in Oct. - ANADOLU AGENCY

Turkey's energy minister will apply gas discount prior to finalization of arbitration deal between Turkey and Iran

29.09.2016, ANKARA

Domestic and industrial consumers in Turkey will get a 10 percent break on natural gas prices as of Oct. 1, Berat Albayrak, Turkish energy and natural resources minister, announced Thursday.

Speaking during his visit to the Turkish Energy Regulatory Market (EPDK), Albayrak said that a 10 percent reduction will be applied as of October before winter, as promised.

In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period of 2011-2015.

The court decided in favor of Turkey in February 2016 and ordered that both parties agree on a 10-15 percent reduction in the price of Iranian gas exports to Turkey.

Turkey imports 10 billion cubic meters of natural gas from Iran annually.