The Palestine Investment Fund is close to reaching a deal to extract gas from the Marine gas field off the shore of Gaza with the Egypt, which will develop the field within 30 months, according to a Palestinian source
Palestinians have been unable to utilise gas fields off the coast of Gaza due to Israeli opposition.
The source said on Sunday that both sides will sign the deal at the end of 2022 under which they will agree on the distribution of the shares and the mechanism to sell the gas.The PIF, which is the official Palestinian sovereign fund, and the Athens-based Consolidated Contractors Company have 27.5 percent shares each in the Marine gas field, while the remaining 45 percent would go to the operating company.
The source didn't give any details on Israel's position on the deal but said the operating of the field will be in agreement with all relevant actors.The Marine 1 field, Gaza’s first gas field, was discovered in the 1990s in the enclave’s territorial water.
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