web analytics
December 18, 2014 / 26 Kislev, 5775
 
At a Glance
News & Views
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



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
Feiglin - Ani Yehudi
Moshe Feiglin Drops Out of Likud PM Race
Latest News Stories
Alan Gross with his Judy after his release from jail in Cuba.

“It was crucial to my survival knowing that I was not forgotten.“

Feiglin - Ani Yehudi

Feiglin decided he and the Likud party are better off if he fights on only one front, not two or three.

8000 meals

Join Meir Panim’s campaign to “light up” Chanukah for families in need.

Naftali Bennett - Hipster

I’m sorry, but Naftali Bennett decided to dress up as an aging Tel Aviv Hipster and… apologize…

The New York premier of Sony’s new film, “The Interview” has been scrapped due to a terror threat.

Harvard boycotts SodaStream to avoid offense to Palestinian Arab students.

FM Avigdor Liberman refuses meeting in Jerusalem with Swedish counterpart over PA recognition.

The State Dept. re-defines “unilateral” and won’t veto a resolution that does not explicitly ”prejudge” outcome of peace talks.

Two-thirds of the Palestinian Authority fears criticizing leader Mahmoud Abbas, according to the latest poll. Does he still represent the PA people?

After 5 years in jail, Cuba has released Jewish-American Alan Gross.

The Cincinnati case helped clarify what cities can and cannot do concerning access to public places.

In the boy’s bag police found a Chanukiah, oil candles and matches.

The European Jewish Congress (EJC) has expressed outrage over the removal of Hamas from the European Union’s list of officially designated terror organizations, after the European Court of Justice in Luxemburg accepted an appeal filed by Hamas against its inclusion in the list. “We have reached a new low in moral relativity if an organization […]

Jeb Bush announced his intention to “actively” explore the presidency in a Christmas and Hanukkah greeting message. “Merry Christmas and Happy Hanukkah!” the former Florida governor Bush said in a Facebook message posted Tuesday. He described conversations he had with his family over Thanksgiving. “As a result of these conversations and thoughtful consideration of the […]

“We are not satisfied with the European Union’s explanation that the removal of Hamas from its list of terrorist organizations is a ‘technical matter,” ‘Prime Minister Benjamin Netanyahu said on Wednesday following the decision of the General Court of the European Union. “The burden of proof is on the European Union and we expect it […]

More Articles from Tzvi Ben-Gedalyahu
"Neither side shall initiate or take any step that will change the status of the West Bank and the Gaza Strip pending the outcome of the permanent status negotiations."

The State Dept. re-defines “unilateral” and won’t veto a resolution that does not explicitly ”prejudge” outcome of peace talks.

Haredi women work at Concept Creative Technology, a subsidiary of Beit Shemesh-based NetSource.

High housing prices are blamed, but has anyone suggested that working for a living might help?

The decision may boomerang on Hamas once the court studies new evidence to prove Israel’s case.

Abbas’ counting on vocal support doesn’t mean he knows how to count votes.

Cannabis is being touted as a cure for diseases from diabetes to Parkinson’s and epilepsy.

The defense lawyer accuses the government of ignoring radical left-wing extremists.

The IDF tries to arrest a suspect; rioters try to kill them, the IDF fires back and then the Arabs riot again.

“Leftists don’t care about Arabs, settlers are the true Jews. Leftists warned me I will be the first in the gas chambers.”

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: