Israeli and American energy companies expressed disappointment on Monday over Israel's Supreme Court decision that struck down a government deal that would have given them the rights to begin pumping natural gas from offshore deposits.
David Stover, the chairman of Houston-based Noble Energy, said the ruling was "disappointing."
Prime Minister Benjamin Netanyahu had emphatically supported the deal struck between his government and a consortium of gas developers as a path to Israeli energy independence, new regional alliances and billions of dollars in revenue. Critics said the deal gave too much profit to corporations at the public's expense.
The court opposed a clause that would prevent Israel from making significant regulatory changes for the next ten years.
The gas deal was a centerpiece of Netanyahu's economic policy, and he made an unprecedented appearance in the Supreme Court to lobby for its approval.
AP
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