By David Lev

A deal for the sale of natural gas from Israel to the Palestinian Authority was signed Sunday. The deal was signed in Jerusalem by Israeli and PA officials.

According to the deal, gas shipments will commence in 2014 and continue for 20 years. The gas will be piped to a power station to be built in Jenin, which will be operated by the PA and produce electricity. As a result of the deal, the consortium that licenses the Leviathan and Tamar gas fields – Noble Energy, Delek Drilling, and Avner – will earn NIS 1.2 billion.

Over the period of the contract, the PA will receive 4.75 billion cubic meters of gas.

Yitzchak Shalita of Delek Drilling said that “I believe that a strong and stable economy will bring peace and stability to this region. With peace the entire region will benefit economically. Economic cooperation, such as the agreement signed today,will help us bring the nations closer together and built a strong basis for peace,” he added.