Gas Change-of-Mind Has BlueStar, Artemis Dubious: Israel Markets
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Foreign investors are starting to abandon Israeli stocks after the antitrust regulator backtracked on an agreement underpinning the country’s largest energy project.
The Tel Aviv Oil & Gas Index fell to the lowest in more than two years on Dec. 23, the day the regulator said it would reconsider a March 2014 agreement to let a partnership retain its stakes in Israel’s two largest natural gas reserves. The announcement echoed last year’s government policy change on potash royalties that sent Israel Chemicals Ltd.’s shares tumbling.