Tamar Partners Request Israeli Anti-trust Investigation After IEC Tamar Agreement Remains Unsigned by Noble and Delek

TEL AVIV, Israel, Nov. 26, 2019 /PRNewswire/ -- Tamar Partners (TASE: TMRP), who are not of interest, have urgently asked the Israeli Anti-trust Commissioner for immediate intervention, to enable the realization of the new gas agreement with IEC.

The partners of Tamar field that have no holdings in the Leviathan project (that are not Noble or Delek) sent an urgent approach to the anti-trust commissioner (as the function in charge of compliance with the conditions for the exemption granted in the context of the adoption of the "Gas Framework", in accordance with Section 52 of the Economic Competition Law (5748-1988), and the conditions for the exemption from approval of a restrictive arrangement granted by the Commissioner on August 22, 2006), asking for the Commissioner's immediate intervention.

The partners claim that Noble and Delek are dragging their feet and not approving the new agreement that was signed by the Tamar partners, against the forbiddance of regulatory veto which applies on them, and causing heavy damages to the rights' holders, in complete conflict of interest to the holders of the rights in the Tamar field and the electricity consumers.

The request pertains to the Tamar reservoir's ability to compete against the Leviathan reservoir being partially held by Noble and Delek, which are violating veto bans imposed thereon by the Gas Framework and the 2006 Decision, to which they are subject in connection with the joint marketing of natural gas from the Tamar lease, due to their cross-holdings in the Tamar lease and the Leviathan leases.

In the request it is stated that: Noble and Delek are preventing the amendment of the agreement between the owners of the rights in the Tamar field and IEC to supply natural gas from Tamar, because such an amendment would be against the larger interests that they have in the Leviathan field. We emphasize, that already now this has to be regarded as Noble and Delek imposing a veto which is forbidden on them and goes against the regulations that are binding on Noble and Delek.

The agreement reached by the Tamar partners with IEC is to supply 3-4 bcm of natural gas between 2020-2021, at a price of $4.79 per unit of heat.

The Tamar partners are waiting for the approval of the new agreement between IEC and Tamar by Noble and Delek, but until now, the two companies have not given a green light to the agreement.

The anti-trust authority has started examining the claims.

SOURCE Tamar Petroleum Ltd.