The partners in Israel’s Leviathan natural gas field signed a deal to sell up to $300 million of condensate to Paz Ashdod Oil Refinery, NewMed Energy NWMDp.TA said on Thursday.

NewMed is a partner in the offshore Leviathan project together with Chevron CVX.N and Ratio Energies RATIp.TA.

The deal to sell condensate, an extremely light form of oil which occurs as a byproduct of natural gas production, is for four years and is expected to start in the fourth quarter of 2023, NewMed said.

The company said it estimates total sales of $200-$300 million dollars, with the company’s share in the range of $90-$135 million.
Source: Reuters (Reporting by Ari Rabinovitch Editing by Steven Scheer)