TEL AVIV, Israel, December 7, 2017 /PRNewswire/ --
ICL (NYSE & TASE:ICL), a leading global specialty minerals and specialty chemicals company, announced today that further to the signing of the Memorandum of Understanding ("MoU") in August this year, a binding contract was signed with Energean Israel Limited ("Energean"). According to the contract the Greek company will supply up to 13 BCM of natural gas to ICL at a total consideration of up to $1.9 billion over a 15 year period. The agreement is subject to receipt of required approvals, the regulation of the supply of natural gas and the approval by the Company's shareholders.
Energean holds licenses to develop the Karish and Tanin natural gas fields in Israel's territorial waters. The natural gas will be supplied to ICL by Energean starting from the second half of 2020 at the earliest, dependent on the completion of development and commencement of production of natural gas in the fields, and will be used to operate ICL's plants and power stations in Israel.
ICL's Acting CEO, Mr. Asher Grinbaum, said: "The signing of the contract is an important milestone in guaranteeing the continuous supply of natural gas to our Israeli plants at an attractive price in comparison with our existing contracts. The contract is expected to cover all our energy needs, including the operation of our new 240 MW power station in Sdom, which is expected to become operative during the first quarter of 2018. ICL is already one of Israel's largest users of natural gas, and this agreement is a testament to the efforts we have been making in recent years to convert to clean energy sources, to reduce pollutants and preserve the environment."
ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 13,000 people worldwide, and its sales in 2016 totaled US$5.4 billion. For more information, visit the company's website at http://www.icl-group.com.
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