According to Reuters article published on January 19, 2023, the partners in Israel's Leviathan natural gas field signed a deal to sell up to $300 million of condensate to Paz Ashdod Oil Refinery, NewMed Energy (NWMDp.TA) said on Thursday.
NewMed is a partner in the offshore Leviathan project together with Chevron (CVX.N) and Ratio Energies (RATIp.TA).
The deal to sell condensate, an extremely light form of oil which occurs as a byproduct of natural gas production, is for four years and is expected to start in the fourth quarter of 2023, NewMed said.
The company said it estimates total sales of $200-$300 million dollars, with the company's share in the range of $90-$135 million.
