Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu has signed a landmark deal with U.S. and Israeli gas companies to develop Israel's offshore gas deposits, despite months of protest by liberal lawmakers and environmentalists.
Resource-poor Israel announced the discovery of sizeable offshore natural gas deposits about five years ago, and a partnership made up of Israeli and U.S. companies began extracting gas.
After the country's antitrust commissioner determined last year that the gas companies' ownership constituted a monopoly, a government committee reached a deal with the firms to break up their control and introduce competition.
Critics say the deal favors the developers over the Israeli public. Netanyahu dismissed the criticism as "populist," and signed the deal Thursday.
Groups opposed to the deal are submitting petitions to challenge it in Israel's supreme court.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.