Tel-Aviv based Delek Group, the majority stakeholder in Israel’s key offshore gas find, the 22 tcf Leviathan field, on 26 November reached a ‘critical milestone’ towards a supposedly-imminent final investment decision by signing a $1.75bn loan agreement with HSBC and JP Morgan.

Delek has until 20 February next year to take advantage of the $1.5-1.75bn limited recourse project-finance agreement, with equal sums to be provided by each of the two banks.

Delek’s loan...