BP and UAE Suspend $2 Billion Gas Deal with Israel's NewMed Energy
The suspension comes amid escalating tensions in Gaza, highlighting the war's impact on international business relations.
- BP and the United Arab Emirates' state oil company, Adnoc, have put on hold their plans to acquire a 50% stake in Israel's NewMed Energy, citing the ongoing war in Gaza as the reason for the suspension.
- The $2 billion deal was seen as a significant step in strengthening financial ties between Israel and the UAE following the normalization of diplomatic relations in 2020.
- Shares of NewMed Energy dropped as much as 8% in Tel Aviv following the announcement of the suspension.
- Despite the current pause, both BP and Adnoc have expressed continued interest in the transaction, though there is no certainty on when or if discussions will resume.
- The war in Gaza has not only strained diplomatic relations but also affected companies doing business in the Middle East, with several Western brands facing boycotts in the region.
The Telegraph 
