With low prevailing LNG prices, Israel’s state electricity corporation IEC has in recent months been able to import cargoes via its FSRU at Hadera on the Mediterranean at an average of $3/mn BTU. This is well below current average prices of $5.4/mn BTU for domestic purchases of gas from the country’s own Tamar and Leviathan fields. These produced a record 1.42mn cfd in Q1 of which 1.05mn cfd was consumed domestically and 370mn cfd exported to Jordan and Egypt.
IEC burned the three LNG cargoes it imported in the first five months of 2020 in its own power plants. But the Natural Gas Authority of Israel’s energy ministry this week instructed IEC to make available to other domestic endusers some 25% of the gas from the six LNG cargoes it expects to import for the remainder of 2020 . (CONTINUED - 507 WORDS)