Ampal-American Israel Corporation (Nasdaq: AMPL), a holding company with experience in acquiring interests in various businesses with an emphasis in recent years on energy, chemicals, communications and related fields, announced today that it has been advised by East Mediterranean Gas Co. ("EMG"), in which Ampal has a 12.5% interest, that EMG signed five Gas Sale Agreements with Oil Refineries Ltd., O.P.C Rotem Ltd., IC Power Ltd. and Dead Sea Works Ltd. The Agreements are for a total quantity of 1.4 billion cubic meters (“BCM”) annually for 20 years, with an option to buyers to increase the total quantity up to 2.9 BCM annually. The option is to be exercised by March 31, 2011 with the exception of one agreement stating that the option is to be exercised by December 31, 2011. The total value of the five contracts is between $5 to $10 Billion. Gas delivery is scheduled to commence between the first and second quarters of 2011.
These agreements are in addition to the previously signed gas sale agreements by EMG. The total aggregate quantity of contracted gas by EMG is approximately 6 BCM annually with a total value of approximately $19 Billion.
Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals, communications and related sectors. Ampal’s goal is to develop or acquire majority interests in businesses that are profitable and generate significant free cash flow that Ampal can control. For more information about Ampal please visit our web site at
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