web analytics
October 21, 2014 / 27 Tishri, 5775
At a Glance
News & Views
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



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.

SocialTwist Tell-a-Friend

Current Top Story
Facebook post from man believed to be Canadian convert to Islam who rammed soldiers with his car in possible terrorist attack, Oct. 20, 2014.
‘Radicalized’ Convert to Islam Attempted to Murder Canadian Soldiers [video]
Latest News Stories

The mortar, which hit Israel on Tuesday morning, did not cause any injuries or damage.

Route for weapons shipment to Gaza from Iran.

After lying in coma for months, 83-year-old Ayatollah Mohammad Reza Mahdavi Kani has died, Iranian media reported Tuesday.

Facebook post from man believed to be Canadian convert to Islam who rammed soldiers with his car in possible terrorist attack, Oct. 20, 2014.

A radicalized Canadian convert to Islam rammed soldiers in what may have been an act of terrorism.

PA Chairman Mahmoud Abbas speaking in Ramallah. (archive)

PA unity govt chairman Mahmoud Abbas raises the penalty for selling land to a “hostile nation” (Jew).

Israel’s government is recruiting citizens to help combat the Ebola virus epidemic in West Africa.

The Beach Boys aren’t coming to Israel next month…

The Jerusalem Light Rail has finally instituted a ‘zero tolerance’ police towards Arab violence against its trains.

A 2,000 year old stone fragment bearing an official Latin inscription dedicated to the Roman Emperor Hadrian is found in Jerusalem.

The woman’s father and other ISIS members stoned the woman to death for adultery.

Hamas has created a museum exhibit, currently showing at al-Aqsa University in Khan Younis, Gaza. Hamas is showing off its weapons and propaganda pieces from this past summer’s war, Operation Protective Edge.  

A bill that would end the control of the Chief Rabbinate over conversions to Judaism in Israel was nixed Monday by PM Netanyahu.

Haaretz smears U.S. terrorism expert for being a Republican and friend of Sheldon Adelson.

Leslie W., 48, and his partner Akiwa H., 56, are charged with having sold more than 88,000 pounds of non-kosher meat for a marked-up price.

The Rabbinical Council of America said that since the arrest last week of Rabbi Barry Freundel of Washington, DC, it has been working assiduously to address the many challenges that its members and their communities now face.

It was an outright miracle: a tiny teahouse in the pass, and the equivalent of a Sherpa Pony Express to deliver a call for help.

More Articles from Tzvi Ben-Gedalyahu
May God grant their wish to be killed.

ISIS propaganda video warns “our grandchildren will sell your sons as slaves.”

Let’s raise funds to send her to Syria where she can put some sense in her head, if it stays attached.

It is hard to believe, but Egypt is now dependent on Israel for gas instead of the other way around.

Barzilai hospital searched for its resident doctor-turned-terrorist after he disappeared and discovered that he changed professions.

A ‘good news’ story from the Nepal avalanche disaster to warm your heart. Take out your Kleenex.

Kerry might need to find a different spokeswoman who is better at lying.

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: