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Energean signs $2b gas deal with East Hagit power plant

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Energy exploration and production company Energean (LSE: ENOG; TASE: ENOG) has announced that it has signed a natural gas sales agreement with the East Hagit power plant worth $2 billion over 15 years. East Hagit will buy 0.8 billion cubic meters (BCM) annually for the period of the contract for up to 12 BCM.

Energean has the rights to the Karish and Tanin offshore gas fields which it bought from Delek Group Ltd. (TASE:DLEKG). The East Hagit power plant near Yokneam was privatized by the Israel Electric Corp. (IEC) and sold to Edeltech Group and Shikun & Binui Energy, which won the tender to buy it.




Energean CEO Mathios Rigas said, “We are delighted to have signed a new agreement of up to 0.8 billion cubic meters a year for our flagship assets in Israel, delivering on one of our key milestones for 2022. This is the third in a row for us from the Israel Electric Corp power plant privatisation programme and I want to thank Edeltech and Shikun & Binui Energy for their continued trust and confidence

He added, “I’m pleased to also confirm that the Energean Power FPSO has sailed-away and we look forward to delivering first gas from Karish, which remains on track for the third quarter this year.”

Published by Globes, Israel business news – en.globes.co.il – on May 3, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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530 new COVID-19 cases in Delhi; positivity rate 2.17 pc

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Delhi reported 530 new COVID-19 cases and zero fatality due to the disease on Friday, while the positivity rate stood at 2.17 per cent, according to data shared by the city health department.

With the new infections, Delhi’s COVID-19 caseload increases to 19,02,710, while the death toll stands at 26,199.
A total of 24,458 Covid tests were conducted in the city a day ago, the department said in its latest bulletin.

The capital had on Thursday logged 520 Covid cases with a positivity rate of 2.09 per cent and one death due to the disease.
It saw 532 COVID-19 cases and zero fatality due to the disease on Wednesday, while the positivity rate was recorded at 2.13 percent.
On Tuesday, the national capital had recorded 393 COVID-19 cases with a positivity rate of 3.35 per cent and two deaths.

The number of daily COVID-19 cases in Delhi had touched the record high of 28,867 on January 13 during the third wave of the pandemic.
The city had recorded a positivity rate of 30.6 percent on January 14, the highest during the third wave of the pandemic.
The number of active COVID-19 cases in Delhi stands at 2,229, down from 2,377 the previous day, the bulletin said.

As many as 1,602 patients are under home-isolation, down from 1,755 on Thursday, it said, adding that there are 895 containment zones in the city.
There are 9,581 beds for COVID-19 patients in Delhi hospitals, and 115 of them are occupied, the bulletin showed.

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EMA panel recommends Pfizer’s Xeljanz for ankylosing spondylitis (NYSE:PFE)

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EMA panel recommends Pfizer's Xeljanz for ankylosing spondylitis

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Financial regulator cautions UK against rushing to create ‘crypto hub’

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The chair of Britain’s financial regulator has cautioned against a rush to add crypto markets to the agency’s remit after the government launched an ambitious bid to draw up new regulation and make the UK a crypto hub.

Charles Randell, chair of the Financial Conduct Authority, called for “realism” about how long it would take the regulator to prepare to supervise issuers and traders of “purely speculative crypto tokens”, and how much crypto firms need to improve before they could be officially authorised.

He also stressed the importance of the FCA’s independence at a time when some in the crypto industry have urged the government to press the regulator to be more accommodating of digital assets.

“It’s critical that . . . there are strong safeguards to ensure that all interests — not just the interests of people making money from pushing crypto products, but also the interests of the people whose savings will be put at risk — are heard,” Randell said, in a speech on Friday. “That requires a strong and independent financial conduct regulator.”

The FCA chair, who is expected to leave his post this spring, also said it was not clear how the regulator would pay for the “very significant costs” of adding crypto oversight to its responsibilities.

Randell’s comments follow a speech from economic minister to the Treasury John Glen in April, which laid out the government’s ambition to make the UK “the very best place in the world to start and scale crypto-companies”.

Glen said the government was determined to attract global crypto players to set up shop in the UK, a plan that would include new regulation and probably mean handing more powers to the FCA.

The bid to compete with rival crypto centres, such as Switzerland and Dubai, was met with scepticism by digital asset businesses. Many UK crypto entrepreneurs think the FCA is implacably opposed to digital assets, and crypto companies have clashed with the regulator over how it has implemented money laundering controls.

Randell said the regulator is open to innovation, including using distributed ledger technology and the potential for properly regulated stablecoins — crypto tokens linked to traditional assets like the US dollar — to “reduce costs and frictions” in the payments sector and shake up the industry.

However, Randell questioned the objective of overseeing more speculative cryptocurrencies. “Should people be encouraged to believe that these are investments, when they have no underlying value?” he said.

“When the price of Bitcoin can readily halve within six months, as it has done recently, and some other speculative crypto tokens have gone to zero?” he added.

Randell said he was opposed to including crypto firms under the financial services compensation scheme, which would mean the pot of money collected from regulated financial companies would be available to compensate their customers. The financial services industry as a whole should not be “exposed to the costs of failing crypto firms”, he noted.

The FCA chair, who has previously spoken about the need to control advertising for crypto, returned to the subject of endorsements by entertainment personalities.

“With celebrities as varied as Kim Kardashian and Larry David willing to take money to promote speculative crypto, how do we curb people’s enthusiasm to do something that may seriously harm their financial lives?” he said.

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