Gas Deal Collapse: New-Med Energy Cancels Major Agreement With Dalia Energies
Translated & summarized from TheMarker by baba
New-Med Energy, controlled by Yitzhak Tshuva, announced its intention to cancel a major gas deal with Dalia Energies, claiming regulatory approvals were not secured on time. Dalia Energies disputes this, stating all conditions were met and the cancellation is invalid. The deal, valued at approximately $6.7 billion, was for gas supply from the Leviathan field starting in 2030. Despite the Competition Authority approving the deal, New-Med is proceeding with the cancellation.
The story in 5 lines · by baba
- New-Med Energy is canceling a $6.7 billion gas deal with Dalia Energies, citing unmet regulatory approvals.
- Dalia Energies disputes the cancellation, stating all conditions were met and the notice is invalid.
- The deal involved gas supply from the Leviathan field starting in 2030.
- The Competition Authority had fully approved the deal, contrary to New-Med's claims.
- Yitzhak Tshuva controls New-Med Energy, a partner in the Leviathan gas field.
New-Med Energy, controlled by Yitzhak Tshuva, has informed Dalia Energies that it is canceling their gas supply deal, citing the failure to obtain necessary regulatory approvals on time. Dalia Energies disputes this, asserting that all conditions were met and therefore the cancellation notice is invalid. A statement from Dalia expressed surprise at the "strange attempt" by New-Med and Ratio to cancel the recently signed agreement, emphasizing the importance of honoring contracts. Dalia maintains that all conditions precedent were fulfilled following approval from the Competition Authority and intends to enforce the agreement.
New-Med has not yet issued its own statement. The deal, signed in May, involved New-Med (45% owner of the Leviathan field) and Ratio (15%) selling natural gas from the Leviathan field to Dalia Energies, which operates the Eshkol and Tzafit power stations. The agreement, valued at approximately $6.7 billion, was slated to begin gas supply in 2030. Chevron, the third partner in the Leviathan field with a 40% stake, is not included in this deal.
Previously, New-Med and Ratio had declared the deal void due to unmet conditions within the specified timeframe, particularly the Competition Authority's approval. Although the Competition Authority initially reviewed several issues, including contract duration and market development restrictions, it ultimately granted full approval without conditions. Despite this, New-Med has proceeded with the cancellation. The public learned of New-Med's cancellation through Dalia's stock exchange report, which did not mention Ratio's current stance. New-Med reiterated its cancellation claim on October 6, 2026, stating the September 24, 2026 notice was valid as conditions were not met on time.
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