TEL AVIV Nov 24 Israel's Paz Oil said
on Thursday it signed a deal worth up to $700 million to buy
3.12 billion cubic meters of natural gas for its oil refinery
from the Leviathan field.
Paz, Israel's largest distributor of refined oil, said the
deal was for 15 years or sooner, if it consumes the amount of
the contract in a shorter period.
Leviathan, which is expected to start production in 2019 or
2020, was discovered in the eastern Mediterranean in 2010 and is
one of the world's largest offshore gas discoveries of the past
decade. It is owned by Delek Drilling, Avner Oil
Exploration, Ratio Oil and Texas-based
(Reporting by Steven Scheer and Tova Cohen)