March 27, 2016 - 4:20 AM EDT
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Israel's Supreme Court shoots down gas deal

(AP) —
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.


announced the discovery of sizeable offshore natural gas deposits about five years ago, and a partnership of Israeli and
companies, including
-based Noble Energy and
Delek Group — have already begun extracting some reserves.

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Source: News (March 27, 2016 - 4:20 AM EDT)

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