Ex-Israel Land Authority Chief Kuint Appointed Chairman of NewMed Energy

Yaakov (Yanki) Kuint, the former Director General of the Israel Land Authority (ILA), is moving to the energy sector, taking on the role of Chairman of NewMed Energy. The company, which holds approximately 45% of the Leviathan gas field, announced Kuint's appointment on Wednesday. He is set to assume the position on November 1, less than a year after concluding his tenure at the ILA, where he served from 2020 to 2025. Prior to that, Kuint headed the Government Companies Authority from 2017 to 2020.

Kuint expressed his enthusiasm for the new role, stating, "NewMed Energy is a leading energy partnership that revolutionized natural gas in Israel and contributes immensely to the energy sector and the Israeli economy." He added, "Together with the board and the professional management, we will continue to advance the partnership's activities, realize the potential of its assets, and achieve new successes that will bring value to shareholders."

Kuint joins NewMed Energy during a significant leadership transition. In early May, Yossi Abu announced his departure as CEO after 15 years, during which the Leviathan field was developed and expanded, and the partnership led regional export agreements worth nearly $100 billion to Egypt and Jordan. Abu's exit was attributed to a feeling of completion and a desire for a senior international role, with industry sources suggesting a cooling of relations with controlling shareholder Yitzhak Tshuva.

Niv Serna succeeded Abu, first as Chairman on June 1 and then as CEO on August 1. Serna previously led gas sales from the Tamar field, including export contracts to Egypt. His move to the operational CEO role created the vacancy for the chairmanship that Kuint will now fill.

Kuint's appointment comes amidst a turbulent period for NewMed Energy and Ratio, partners holding about 60% of the Leviathan field. In May, they signed a $6.7 billion deal to supply gas to two new power stations operated by Dalia Energy, starting in January 2030. This deal, however, was canceled on September 24 by NewMed and Ratio, who cited unmet conditions, including regulatory approval. Dalia maintains the agreement is still valid, while the industry speculates the cancellation stems from a desire to renegotiate terms, particularly the contract's duration, given rising European gas prices and the expiration of Israel's energy price cap in 2040.

The dispute is expected to be resolved through arbitration in London, a process that could take at least a year. Meanwhile, Kuint's departure from the ILA in December was followed by a delay in appointing a permanent successor. Idan Moalem served as interim director, and it took about five months for the government to approve Yehuda Eliyahu's appointment as permanent director, despite opposition from the Deputy Attorney General. Eliyahu, who is close to Finance Minister Bezalel Smotrich, faced criticism from Kuint in his final months, with Kuint alleging Smotrich was hindering affordable housing for reservists and was "not connected to the market."