London CNN —BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza rages.
“There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached,” NewMed Energy said.
But the war has strained those ties, and the UAE has repeatedly called for an “immediate ceasefire” in Gaza.
Separately, BP was one of six companies awarded licenses by Israel’s energy ministry in October to explore for natural gas off the country’s Mediterranean cost.
Last month, they announced a joint venture to develop natural gas assets in Egypt.
Persons:
Abu, Adnoc, NewMed Energy’s, Delek
Organizations:
London CNN, BP, United Arab Emirates, Energy, Starbucks, McDonald’s, KFC, NewMed Energy, Reuters, NewMed, Chevron
Locations:
Gaza, Tel Aviv, Israel, UAE, Egypt