Kerry presses Netanyahu to solve gas monopoly crisis

The US is urging Israel to find a solution that does not harm the interests of American company Noble Energy Inc. (NYSE: NBL), according to a US State Department spokesman. The spokesman said that US Secretary of State John Kerry had even spoken to Prime Minister Benjamin Netanyahu on the matter.

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State Department spokesman Jeff Rathke said, "We continue to engage and we support all parties to move forward with the natural gas deal signed between Noble Energy and entities in Jordan and Egypt. We strongly believe that these deals would enhance energy security in the region."

Rathke added that the dispute between Noble and Israel is "a legal debate" that does not involve the US and he said, "It is important for all countries to have a strong investment climate, including a consistent and predictable regulatory framework."

Last week, Israel's Antitrust Authority head David Gilo ruled that the Tamar and Leviathan field's in which Noble Energy and Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L) have 85% and 67% stakes respectively, constitute a natural gas monopoly, and that the partners must sell one or the other. This reverses Gilo's previous decision that Noble and Delek could keep both fields, providing they sell the smaller Tanin and Karish gas prospects.

Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2014