JERUSALEM
(AP) —
Israel's
Supreme Court has overturned the government's landmark deal to begin pumping natural gas, handing a painful blow to Prime Minister
Benjamin Netanyahu and a consortium of energy companies.
Sunday's decision gave parliament a year to amend the plan or the framework will be canceled.
Netanyahu has made the gas deal a centerpiece of his agenda, saying the discovery of large reserves would bring energy self-sufficiency and billions of dollars in tax revenues. Critics have said the deal gave excessively favorable terms to the government's corporate partners.
Resource-poor
Israel
announced the discovery of sizeable offshore natural gas deposits about five years ago, and a partnership of Israeli and
U.S.
companies, including
Texas
-based
Noble Energy and
Israel's
Delek Group — have already begun extracting some reserves.
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Source: Equities.com News
(March 27, 2016 - 4:20 AM EDT)
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