web analytics
July 1, 2015 / 14 Tammuz, 5775
At a Glance
News & Views
Sponsored Post


Former Chief of Staff’s Oil Well a Colossal Flop

Not all that glitters is gold and not all that smells like oil is money. Israel has become an oil and gas producer, but one oil well, run by a firm whose CEO is ex-Chief of Staff Ashkenazi, is a bust.
'Tamar'  gas rig off Israel's Mediterranean coast.

'Tamar' gas rig off Israel's Mediterranean coast.
Photo Credit: Nobel Energy/Flash 90

Investors are screaming their heads off at Shemen Oil Co. and its CEO, former IDF Chief of Staff Gabi Ashkenazi, after the company announced Monday that its Yam 3 oil well, off the Ashdod coast, is dry, despite indications a month ago it would reap a bonanza.

A final report will not be known until the equipment is taken out of the bore hole, leaving a “small chance that there was a breakdown in the production tests in the upper sections of the borehole,” Shemen stated.

The company said in September that there were signs of high quality oil in the well, into which was poured $175 million of investors’ money.

The company’s stock plunged 90 percent on Monday, prompting several investors to demand a Tel Aviv Stock Exchange investigation into the possibility that the announcement in September was made in order to allow insiders to sell their holdings at a profit, at the expense of an unknowing public.

In any case, Ashkenazi is not a big loser. He received salary of more than $1.5 million the past two years as Shemen CEO, not including high-class travel and four-star hotels, all at the expense of the company.

About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Former Chief of Staff’s Oil Well a Colossal Flop”

Comments are closed.

Current Top Story
investing-in-gold_4548807_lrg
What Sanctions? Iran Receives 13 Tons of Gold From S. Africa
Latest News Stories
investing-in-gold_4548807_lrg

Iran has already been able to free up some 20% of its frozen assets, around $19 billion. At best, that’s without doing anything, and at worse, that’s while continuing to rush towards a nuclear bomb.

ISIS in Egypt, according to an image it posted on social media.

Egypt attacks jihadists with F-16 warplanes. Israel closes borders to Gaza and Egypt.

Donald Trump could end up as a third-party candidate, like George Wallace. in 1968.

“The Donald” is in the number two spot, shared with Ben Carson, in Iowa and Michigan after a survey that already placed him in the second spot in New Hampshire.

Then-Israeli ambassador Michael Oren with President Obama. A new book by Oren, now a member of Knesset, is sharply critical of the administration’s foreign policy and paints a far from rosy picture of the president’s relationship with Israeli leaders.

Oren, now a representative of the Kulanu party in the Knesset, has moved on from diplomacy to politics.

Shin Bet foils attempt by Hamas to overthrow Palestinian Authority government in Judea & Samaria.

A demonstration and call for action against terror are scheduled for 6:30 p.m. Wednesday across from the official of residence of Prime Minister Binyamin Netanyahu in Jerusalem. Government officials got on the soap box after Monday’s night murder of Malachi Moshe Rosenfeld and spoke beautifully against Palestinian Authority incitement and terror. Action is something else. […]

Hamas claims the company, which just so happens to be headed by Abbas’ honchos, is dodging taxes.

Malachi Moshe Rosenfeld, 26, was buried in Kochav HaShachar in Samaria early Wednesday afternoon after he succumbed last night to bullet wounds from Palestinian Authority terrorists. Bayit Yehudi (Jewish Home) chairman and Minister of Education Naftali Bennett was among hundreds of people at the funeral. He called Rosenfeld “a symbol of the State of Israel, […]

Some 70 Egyptian soldiers have been killed simultaneously in a multi-prong attack in Sinai.

An ancient mikvah is discovered beneath a Jerusalem living room.

Oklahoma’s Supreme Court says the 10 Commandments cannot stay at the state capitol.

Neo-Nazis vandalized a Talmud Torah in Boro Park, Brooklyn this week.

US Pres. Barack Obama said Tuesday he’ll “walk away” from a bad deal with Iran. So far, he hasn’t.

ISIS proclaims its next goal is to conquer Gaza, Israel and the Palestinian Authority.

Yitzchak Shamir, born October 22, 1915, died June 30 2012. Shamir was Prime Minister of Israel from 1983 to 1984 and again from 1986 to 1992. He was a leader of the pre-State Lehi (Stern Gang) group. He also served in the Mossad fom 1955 to 1965. From the Ministry of Foreign Affairs: Yitzhak Shamir […]

More Articles from Tzvi Ben-Gedalyahu
ISIS in Egypt, according to an image it posted on social media.

Egypt attacks jihadists with F-16 warplanes. Israel closes borders to Gaza and Egypt.

Donald Trump could end up as a third-party candidate, like George Wallace. in 1968.

“The Donald” is in the number two spot, shared with Ben Carson, in Iowa and Michigan after a survey that already placed him in the second spot in New Hampshire.

A demonstration and call for action against terror are scheduled for 6:30 p.m. Wednesday across from the official of residence of Prime Minister Binyamin Netanyahu in Jerusalem. Government officials got on the soap box after Monday’s night murder of Malachi Moshe Rosenfeld and spoke beautifully against Palestinian Authority incitement and terror. Action is something else. […]

Hamas claims the company, which just so happens to be headed by Abbas’ honchos, is dodging taxes.

Malachi Moshe Rosenfeld, 25, lived in the community of Kochav HaShachar in Samaria.

“The PA message to Washington is they want peace. The PA message to their kids is killing Israelis is heroic. It’s time the U.S. figured out which is the true message.”

The agreement does not mean that Orange is leaving Israel, despite wrong headlines elsewhere.

Printed from: http://www.jewishpress.com/news/former-chief-of-staffs-oil-well-a-colossal-flop/2013/10/14/

Scan this QR code to visit this page online: