Shares in Israeli gas companies sank on Monday as the discovery of the SUPER GIANT gas field in the waters off Egypt raised new concerns over the development of Israel’s own long-delayed natural gas fields.
Delek Drilling LP, one of the main investors in Israel’s Leviathan gas project, fell as much 14 per cent, the most in 14 years.
Avner Oil Exploration, partners in the Leviathan field, fell by more than 16 per cent, the most since 2001.
New questions raised with investors concerned that a project already delayed by years of political wrangling now faced a larger economic threat.
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Prime Minister Benjamin Netanyahu has decided late night Monday not to put the gas outline agreement before the Knesset for a vote on Wednesday. No alternative date has been set and it is quite possible that there will be no vote at all.
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