NewMed and Ratio Move to Cancel $6.7 Billion Gas Deal With Dalia, Which Disputes Notice

NewMed Energy and Ratio Energies have notified Dalia Energies that they are cancelling a projected $6.7 billion natural gas supply agreement from the Leviathan field, saying conditions for the deal to take effect were not met by contractual deadlines. Dalia disputes the validity of the cancellation notice and says the request for a Competition Authority exemption remains under discussion. The agreement, signed in May, called for supplies beginning in January 2030 at about 1.3 billion cubic meters a year, later rising to 1.7 billion. The gas was intended for Dalia's planned Eshkol and Tzafit power plants.