A Palestinian firm is officially the first to sign a deal to purchase gas from Israel’s new natural gas field, Leviathan.

The Palestine Power Generation Company has agreed to buy $1.2 billion worth of gas over a 20-year period, in a deal announced to the Tel Aviv Stock Exchange Sunday.

“I believe that a strong and stable economy between the parties will bring peace and stability to the whole region, and everyone will benefit from a prosperous economy and growth,” said Delek Group controlling shareholder Yitzhak Tshuva. Delek is one of Leviathan’s partner groups.

“Peace, economic cooperation, and mutual respect and trust are a joint endeavor. Economic cooperation, such as the agreement signed today, will help bring the countries closer and will contribute to building a basis for peace. It will be possible to create many new jobs and cooperation between businesses and enterprises. Together, these will link the common wish of all the parties to reach understandings and peace.”

Noble Energy VP of Eastern Mediterranean operations Lawson Freeman added, “The group hopes to soon sign more agreements from Leviathan for both the Israeli market and for export. We continue to work toward developing the Leviathan field as soon as possible.”

The PPGC has its own aims to build a $300 million power plant in Jenin, using the Leviathan gas to operate the new site. That plant is expected to be complete in three years.

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