UK major BP and UAE state firm Adnoc’s joint bid to take 50% of Israel’s key upstream player NewMed Energy is in danger of collapsing as months of negotiations have revealed deep-seated issues that could prove to be a bridge too far.

While it is not unusual for a deal of this magnitude and geopolitical significance to progress slowly, NewMed CEO Yossi Abu told investors in August that he didn’t envisage “any show-stopper (MEES, 25 August).” He may have spoken too soon. (CONTINUED - 2019 WORDS)