Israel's High Court Strikes Down Government Natural Gas Plan
- Ruling deals blow to development of country's largest reserve
- Court rejected clause ruling out regulatory changes for decade
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Israel’s High Court blocked the government’s controversial proposal to regulate the natural gas industry, in a dramatic ruling that complicates plans to develop the country’s largest field and conclude export deals.
The court said late Sunday that it objected to the so-called stability clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment. It gave the government, which denounced the ruling, a year to revise its plan. The TA-Oil & Gas Index fell 5.9 percent on Monday, the most in nearly seven months, to 844.69 at 10:13 a.m. in Tel Aviv.