Israel Chemicals (ICL) said on Thursday it reached an agreement to sell its 50 percent stake in water desalination firm IDE Technologies for $178 million.
ICL, a top global supplier of potash, has been looking for months for a buyer, and reached a deal with a limited partnership whose general partner is a company controlled by IDE’s own chief executive, Avshalom Felber. The partnership also includes institutional bodies from Israel’s Clal Insurance .
The deal is expected to close during 2017.
IDE, which has built major desalination plants in the United States, Israel, India and China, is jointly owned by ICL and Israeli conglomerate Delek Group.
By Ari Rabinovitch
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.