The agreement, which was signed about two weeks before the start of gas production from the reservoir, was designed to allow the partnership in the reservoir to sell the condensate to other customers so as not to give it to Bezan for free. For Bazen this is a financial blow because if other buyers are found, they will not receive the free supplies they received in return. If BeZen had paid the partnership in the reservoir as it was paid in the Tamar reservoir, the price for condensate would have amounted to approximately NIS 4 million per month. The one who could still lose from the agreement is the state coffers, as long as the condensate was transferred to Bezan without payment, the state was deprived of revenues in the form of royalties worth 5 million dollars.
More in-
Bezen was recently involved in the fight after the Israeli company sold its controlling shares to the brothers Yitzhak and Ido Hajaj for NIS 560 million. The deal was torpedoed by petrochemicals owned by David Federman, Alex Psal and Jacob Gutstein to exercise the right of refusal on the sale of controlling shares in Bezan by a company to Israel, and offered a debt arrangement that would give them the option to buy those shares and gain exclusive control of Bezan.