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April 21, 2014 / 21 Nisan, 5774
At a Glance

Posts Tagged ‘energy’

Israel to Sell $500 Million of Natural Gas to Jordan

Wednesday, February 19th, 2014

The Nobel Energy consortium developing Israel’s offshore “Tamar” natural gas fields has signed a half a billion dollar deal to export gas over the next 15 years to Jordan’s Arab Potash Co. and Jordan Bromine Co.

The exports could grow to $30 billion over a longer period of time.

Nobel and its Israeli partners Delek, Isramco and Alon Natural Gas. Will build a pipeline from the Dead Sea Works to the Jordanian side of the Dead Sea.

U.S. Deputy Assistant Secretary for Energy Diplomacy at the State Department Amos Hochstein has held more than a dozen meetings with Jordanian and Israeli businessmen and political leaders over the past 18 months to help negotiate the Jordan’s King Abdullah II and Prime Minister Binyamin Netanyahu were involved.

Jordan is increasingly dependent on Israel, which already supplies the kingdom with water, and the significance of Israel’s recent oil and gas discoveries has been under-exaggerated, both economically and financially.

The consortium operating the Tamar gas field previously have signed a 20-year contract to sell $1.2 billion worth of natural gas to the Palestinian Authority.

The purchases by Jordan and the Palestinian Authority come at the expense of Egypt, which has been a totally unreliable supplier thanks to terrorists who frequently blow up the pipeline that brings gas from El Arish to Israel and Jordan.

The deal with Jordan “will pave the way for additional export projects which could enhance regional cooperation as well as provide additional supply to the domestic market and enhanced security of supply through development of additional reservoirs and infrastructure,” said Noble Energy VP Eastern Mediterranean Lawson Freeman.

The new natural gas industry in Israel is creating thousands of jobs for laborers and engineers and also has helped turned the shekel into one of the world’s strongest currencies against the dollar.

Politically, Israel’s energy sources and water resources , thanks to desalinization plants, are creating conditions that will make the Palestinian Authority and Jordan a lot less belligerent while leaving Egypt to wallow in its own economic and political anarchy that was hastened by the Arab Spring revolutions.

Solar Power Field in Jewish-Sponsored Youth Village in Rwanda

Monday, February 17th, 2014

The first utility-scale solar power field in East Africa will be built on land belonging to a Jewish-sponsored youth village in Rwanda.

The nearly $24 million project was announced Monday by Yosef Abramowitz, the president of Gigawatt Global Cooperatief, which arranged for its financing.

Construction has already started on the solar field on land belonging to the Agahozo-Shalom Youth Village  for orphans from the 1994 Rwandan genocide and founded by the late Anne Heyman, who died earlier this month in a horse-riding accident in Florida.

rowanda solar field under construction

The solar field will feed electricity into the national grid under a 25-year power purchase agreement with the Rwanda Energy, Water and Sanitation Authority. It is expected to be operational this summer.

“It takes a global village to raise a solar revolution,” said Abramowitz, who also is CEO of Energiya Global Capital, Gigawatt’s Israeli affiliate, which provided seed money and strategic assistance for the project. Gigawatt Global was founded by Arava Power Company’s American founders. Arava Power Company has developed six solar power plants in Israel.

Abramowitz called the solar field, which will provide an 8 percent increase in the country’s energy supply, “a game-changer for humanity and the environment.”

The youth village is leasing land to the solar facility and will use the proceeds to fund its charitable mission.

“Anne Heyman, our founder of blessed memory, held to a vision in which the village practiced tikkun olam, the Jewish teaching to help heal the world,” said Laurie Toll Franz, the youth village’s newly elected board chair. “In addition to our work with Rwanda’s most vulnerable children, we’re now helping to improve the lives of thousands of people through sustainable electricity generation.”

Erdogan Says Iran is ‘Turkey’s ‘Second Home’

Wednesday, January 29th, 2014

Turkish Prime Minister Recep Tayyip Erdogan is visiting Ayatollah Khamenei of Iran, which he called “our second home.

The ayatollah in return “described the current brotherly and friendly relations between the two countries as unparalleled in recent centuries,” Iran’s official Press TV reported.

Erdogan apparently has made another about face in his roller coaster policies of foreign relations. He once shunned Iran like the plague and then embraced the Ahmadinejad regime as well as Syrian President Bassar al-Assad after ditching Israel, its longtime friend.

When the Obama administration clamped tight sanctions on Ira, Erdogan kept his distance from Tehran. Now that Washington has gone back to “engagement” despite Iran’s stated aim of enriching enough high-grade uranium that could be used to make a nuclear weapon, Erdogan hastily beat the pat back to Iran with his eye on energy.

“It is obvious that we import crude oil and gas from Iran, which are strategic energy sources, and we [will be] able to increase the volume of these imports,” Erdogan said in Tehran. “Today we had a good chance to review bilateral ties.”

Turkey’s Hurriyet Daily News reported, Despite claiming Turkey is not seeking any new deal with Iran ahead of his departure to Iran, Turkish Energy Minister Taner Yıldız, who accompanies the prime minister during his visit, admitted the intention for such a new agreement.”

Iran was Turkey’s third largest export market in 2012, and Ankara used gold and silver exports to buy Iranian natural gas and oil.

Abbas Asks Russia for Billion Dollar Gas Project Off Gaza Coast

Thursday, January 23rd, 2014

Palestinian Authority  chairman Mahmoud Abbas asked Russian Prime Minister Dmitry Medvedev Thursday to invest in a $1 billion natural gas project off the coast of Hamas-controlled Gaza, Russia’s news agency reported.

Abbas is vesting Moscow, which has been a strong backer of the Palestinian Authority.

Securing a huge investment for Gaza would help Abbas win popularity at the expense of Hamas, which took over the area in a bloody militia war nearly seven years ago.

Off-Shore Oil Field May Contain 3 Billion Barrels of Oil

Tuesday, December 17th, 2013

Noble Energy now estimates that that its Leviathan oil field discovery in Israeli and Cypriot waters may contain up to 3 billion barrels of oil, double the previous estimate that did not include Block 12 off of Cyprus.

The same field also ready has been determined by Noble and its partner Delek to contain 19 trillion cubic feet of natural gas and another 4 trillion at Block 12. At today’s prices, the value of the potential oil field is nearly $3 billion.

Noble told analysts that drilling will not begin before the end of next year.

Israel began using its own off-shore natural gas for the first time earlier this year and have brought Israel on the way to energy self-sufficiency as well as an exporter of energy.

Gas to Pump $60 Billion into Economy in 20 Years, Says Lapid

Tuesday, October 15th, 2013

Israel’s new offshore gas industry will generate $60 billion in revenues in Israel over the next 20 years, Finance Minister and Yesh Atid party chairman Yair Lapid told the Knesset in its first day of the winter session Monday.

He charged the Opposition with damaging the economy by placing obstacles to the natural gas hook-up, which Lapid said will help lower the price of electricity and boost employment.

Taxes on gas will allow Israel to lower taxes, he added.

The High Court is to decide on who has the authority to decide how much of the gas can be exported. Several Opposition parties are demanding that Israel retain all of the gas for domestic use. The government has adopted a policy of exporting 40 percent of the gas.

Former Chief of Staff’s Oil Well a Colossal Flop

Monday, October 14th, 2013

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.

Easing of Fears of Attack in Syria Sinks Shekel-Dollar Rate

Wednesday, September 11th, 2013

The shekel-dollar rate sank to a two-year low Wednesday, reaching to as low as under 3.56 shekels to the dollar, after President Barack Obama called off a Senate vote on giving him permission to attack Syria. One shekel now is worth slightly more than 28 cents, good news for Israelis wanting dollars but terrible for exporters and Americans in Israel whose savings or wages are in dollars.

Last week, when it seemed certain that the United States would attack Syria, the rate was more than 3.66 shekels to the dollar.

Analysts expect the Bank of Israel to buy more dollars to jack up the rate if it falls much lower, but similar measures in the past have proven to have little long-term effect. The rate may move back up because of renewed strength in the American dollar worldwide.

However, the shekel  is expected to grow stronger  in the long term because of an improving economy, reduction of the deficit and the continuing development of the new offshore energy industry that is turning Israel into an energy exporter.

Printed from: http://www.jewishpress.com/news/breaking-news/easing-of-fears-of-attack-in-syria-sinks-shekel-dollar-rate/2013/09/11/

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