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Israel on Verge of Huge Gas Deal for Egyptian Plant

The British gas group has signed a letter of intent to purchase nearly 20 percent of Israel’s huge Leviathan offshore natural gas field. The Jerusalem Post quotes Israeli energy sources that the deal could be worth up to $30 billion. According to the letter of intent, which is still non-binding at this point, Israel would supply 7 billion cubic meters of gas annually for 15 years. The gas would be used for an Egyptian liquefaction facility. Of the total $30 billion, the state would get some $20 billion.