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Israel's economy minister resigns, paving way to controversial gas deal

Xinhua, November 1, 2015 Adjust font size:

Israel's economy minister Aryeh Deri resigned Sunday, paving the way for the government to sign a multi-billion gas deal with U.S.-based Noble Energy, according to the Prime Minister's Office.

The office said Deri intends to resign so as to allow for the completion of the proceedings.

A deal to develop the country's gas fields has been stalled for almost four years due to the objection of the antitrust authority, which has classified Noble's gas partnership as a "cartel" that "undermines competition."

The deal has also been held up by Deri, who refused to overrule the antitrust authority.

Israeli Prime Minister Benjamin Netanyahu, who is already acting foreign minister, will assume Deri's position and will approve a deal achieved in August.

The deal allows Noble and Israel's Delek Group to keep control of the country's major gas fields, Leviathan and Tamar, while forcing them to sell smaller fields.

"(The deal) will bring the citizens of Israel hundreds of billions of shekels over the next twenty years that will be invested in welfare, education and health," Netanyahu said.

Tamar was discovered off Israel's Mediterranean coast in 2009. Gas production at the 10 trillion cubic feet natural gas field kicked off in March 2013.

The nearby Leviathan gas field was discovered in 2010 and holds an estimated 22 trillion cubic feet of natural gas. Production was expected to begin in 2018, but its development has been stuck by the controversy over the gas deal. Endit