BP and UAE suspend gas deal with Israel

of BP and UAE ADNOC has halted talks to buy a 50 percent stake in Israel 's Partnership energy company due to "regional uncertainty . " The value of the deal was supposed to be 2 billion dollars.

BP and Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50 percent stake in Israeli energy company NewMed Energy Limited Partnership due to "regional uncertainty". This is stated in the press release of NewMed Energy Limited Partnership.

The amount of the transaction was supposed to be 2 billion dollars.

"The process will be suspended until negotiations are restarted or completely terminated," the statement said.

The company said it lacked "confidence to continue negotiations and enter into a contract in the future."

BP and ADNOC announced their proposals to the Israeli side in March 2023.

NevMed owns 45 percent of Israel's largest gas field, Leviathan, and 30 percent of Aphrodite field.