The Israeli government has agreed to changes in the agreement, under which the U.S.-Israeli developers of its huge offshore natural gas fields operate, that is expected to propel the largest-ever infrastructure project in the country’s history.
The revised agreement was approved after Israel’s supreme court in late March ruled as unconstitutional a clause in the initial pact that had guaranteed no alterations in its terms over the next 10 years, even with changes in the country's government. The ruling had halted plans by developers Houston-based Noble Energy Inc. and its Israeli partner, Delek Group to spend up to $10 billion in gas sector infrastructure, with some observers then anticipating a long delay in investment commitment.