An amendment was executed to the agreement for the supply of natural gas dated January 25, 2012, between Hadera Paper and Tamar Partners according to which several provisions of the agreement were amended following the requested changes required by Electricity Authority and Antitrust Authority.
The consumers are entitled to exercise an option to reduce the minimum annual amount it has committed to purchase or pay for it, such that it will not exceed 50% of the average annual amount consumed during three years prior to exercising the option, subject to adjustment as determined in the Gas Agreement. The rest of the agreed amounts of the natural gas to be supplied that were determined in the Gas Agreement will be reduced accordingly.
The consumers will be entitled to exercise the abovementioned option, by a notice that will be given to Tamar partners during the period from the beginning of the fifth year of the supply of gas in commercial quantities or on January 1, 2018, and will terminate at the end of the eighth year of the date of the commercial operation or on December 31, 2020.
[mappress] LNG World News Staff, October 18, 2012