BP abandons £1.6bn deal to buy Israeli gas group NewMed due to the war in Gaza

Israel deal: BP is keen to expand its presence in the Eastern Mediterranean

BP and the United Arab Emirates’ state-owned energy company Adnoc have suspended a deal to buy a £1.6billion stake in an Israeli gas group amid the war in Gaza.

The companies had offered to buy a 50 per cent stake in Newmed a year ago.

But negotiations were thrown into doubt in October after Hamas militants invaded Israel from Gaza.

Newmed said yesterday that the process has been put on hold due to ‘uncertainty created in the external environment’ – understood to mean the war.

The offer from BP and Adnoc had been hailed as a landmark moment because it underlined the improving relationship between Israel and the Arab world.

Israel and the UAE only formally recognised each other in 2020.

But the UAE has repeatedly condemned Israel for what it has described as the ‘catastrophic and dangerous humanitarian situation’ in Gaza.

Newmed said it was still keen to complete the deal. It is the largest stakeholder in a giant gas field, Leviathan, which supplies gas to Israel, Egypt and Jordan.

BP and Adnoc said last month they would work together on natural gas projects in Egypt.

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