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Energean PLC on Friday said subsidiary Energean Israel Ltd signed a transmission agreement with Israel Natural Gas Lines Ltd for capacity in the Nitzana pipeline. The London-based company has energy assets in Israel and the UK North Sea, as well as in Egypt, Italy and Croatia. The Nitzana pipeline is a new onshore pipeline that will be built from Ramat Hovav to the border with Egypt in the Nitzana area. The agreed terms are for a supply of up to 1 billion cubic metres per year for a 15-year period, with provisions for extensions and early termination. Nitzana is anticipated to be operational no later than 36 months after all parties sign transmission agreements covering the full capacity of the project. Energean Israel’s 16.4% share of the construction costs for the pipeline and compression station is expected to be around $100 million, the company said. Further, Energean signed a non-binding term sheet with an East Mediterranean client for the offtake of its gas. Energean Chief Executive Officer Mathios Rigas said: ‘Regional gas connectivity and long-term energy security in the East Mediterranean is of critical importance, which is why I am pleased today to announce the signing of the Nitzana transmission agreement. Energean is well positioned as a key regional player, and we remain focused on advancing all export opportunities from our Israeli assets, in the best interests of our shareholders, the Israeli gas market, and the region. This approach is complemented by the stated policy of the Israeli Ministry of Energy, which supports expanding and optimising gas exports as a means to strengthen the market. ‘Although the bedrock of our cashflows is from our long-term domestic contracts, the signing of this agreement marks an important milestone to drive growth in our annual gas sales.’ Energean shares were up 1.4% to 942.01 pence each on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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