JERUSALEM, Nov 1 (Reuters) - Israel's economy minister, who has been holding up a government plan that fast-tracks the development of huge natural gas deposits offshore Israel, will step down on Sunday in a move likely to give the industry a major boost.

Prime Minister Benjamin Netanyahu now becomes the Minister of Economy and he said he will approve a deal reached in August with Texas-based Noble Energy and Israel's Delek Group . The new outline leaves the partners in control of the country's largest gas field, Leviathan, while forcing them to sell smaller, yet sizable, assets.

"Minister (Aryeh) Deri informed me of his intent to resign from the Economy Ministry in order to allow for the completion of the proceedings. The ministry will revert to me and I will authorise the outline," Netanyahu said in a statement.

(Reporting by Ari Rabinovitch and Dan Williams)