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Energean PLC on Tuesday announced that its subsidiary Energean Israel has signed a gas sales and purchase agreement with the East Hagit Power Plant Ltd Partnership.
The partnership is between Bnei Brak,Israel-based energy firm Edeltech Group and Lod, Israel-based infrastructure and real estate company Shikin & Binui.
Under the agreement, Energean will supply gas to East Hagit for a term of 15 years, with a total contract quantity of up to 12 billion cubic feet. Energean said the agreement has the potential to generate revenue of up to $2 billion over the offtake period.
Also on Tuesday, Energean noted that the Energean Power FPSO has sailed away from Singapore and the company remains on track to deliver first gas from Karish in the third quarter of 2022.
‘We are delighted to have signed a new GSPA of up to 0.8 billion cubic feet a year for our flagship assets in Israel, delivering on one of our key milestones for 2022. This is the third in a row for us from the Israel Electric Corp power plant privatisation programme and I want to thank Edeltech and Shikun & Binui Energy for their continued trust and confidence,’ said Chief Executive Mathios Rigas.
Shares in Energean were up 4.9% at 1,242.00 pence on Tuesday in London.
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