On October 24th, 2012, the Ministry of Energy and Water published a notice regarding the decision by the inter-ministerial prices committee’s decision to recommend that the Minister of Energy and the Minister of Finance apply regulation of the gas market at the level of reporting the profitability and prices of the gas partnerships.
According to the recommendation, gas partnership that are selling natural gas or that have signed contracts to sell natural gas as of 09.01.2012 will be required to submit data of their activity in the natural gas market to the prices supervisor in the Ministry of Energy and Water. The information will be examined to determine and regulate the price of natural gas in Israel.
Reporting will be performed on the single project level, not including expenses due to the other projects; among other things, partnerships will have to submit agreements signed with natural gas consumers, financial statements, and details of the data that will include the amounts sold, prices, equity, ongoing assets, costs due to exploration and development expenses and so on.
Our firm is closely following the developments in the area, and is at your service to provide assistance and additional explanations.
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