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May 24, 2015 / 6 Sivan, 5775
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Posts Tagged ‘Natural gas’

More Gas Found Offshore of Israel

Monday, August 26th, 2013

Additional natural gas, and possibly light oil have been found at the Yam 3 drill site, 16 kilometers off the coast of Ashdod, according to a report in Globes.

It’s not yet clear how much gas and oil has been found.

‘Erdogan Shoots Himself in the Pocket with Anti-Israel View’

Sunday, August 25th, 2013

Turkish Prime Minister Recep Tayyip Erdogan’s anti-Israel rhetoric is interfering with Turkish-Israeli cooperation that could turn Turkey into a regional energy base to ship Israeli natural gas to Europe.

“Their inability to complete a pipeline deal would hurt Turkish ambitions to become a regional transit center and mean continued dependence on Russia and Iran for gas,” according to Bloomberg News.

Erdogan last week accused Israel of being involved with the military coup that ousted Muslim Brotherhood president Mohammed Morsi from power in Egypt.

“Rising tensions between the former allies risk the ability of Israel’s Delek Group Ltd. and Turkey’s Zorlu Holding AS to negotiate a pipeline from Israel to Turkey that could feed markets in Europe. While trade has been resilient to the souring of diplomatic ties, building the $2 billion pipeline requires inter-government cooperation for a long-term commercial agreement,” Bloomberg explained.

Turmoil in Egypt May be Driving Up Shekel-Dollar Rate

Monday, August 19th, 2013

One dollar bought slightly more than 3.57 shekels Monday morning as the shekel lost some of its recent strength, possibly because of the violence in Egypt, according to the Atrade foreign exchange service. The shekel also weakened against the Euro.

The Israeli currency, which most analysts believe will strengthen over the long-term, was trading at 3.53 shekels to the dollar two weeks ago.

The Central Bureau of Statistics reported on Sunday that the Gross Domestic Product (GDP) soared in the second quarter by 5.1 percent annually, far above expectations. Working against the shekel’s strength is the prospect of a stronger dollar, depending on the U.S. Federal Reserve Bank’s tapering off of bond purchases.

In the long term, the Israeli economy is expected to benefit from a windfall in royalties on exported natural gas, which may lead to a cut in taxes and a further rise in consumer spending.

Tale of 2 Debts: Moody’s OKs Israel’s A1 Rating; US Sinks in Red

Thursday, August 15th, 2013

Moody’s Investors Service affirmed the Israeli government’s A1 debt rating Thursday and credited Israel’s stable economy, while in the United States, an economist claims that the national debt is a staggering $70 trillion, 3.5 times the admitted amount.

Moody’s said it is upholding Israel’s current rating because of the resilience of the economy, expectation of a lower debt and favorable diplomacy with, particularly with the United States.

“Growth in the small, open economy has been sustained even with shrinking demand from Europe, a key trading partner,” according to Moody’s. It cited Israel as being a haven for entrepreneurs and a leader in the high-tech industry.

Another strong factor in Israel’s favor is the export of natural gas, which will help reduce the national debt, reduce taxes and create jobs.

On the negative side is “Iran’s nuclear program being the largest threat to Israeli territorial security,” Moody’s added. “However, a certain status quo has been achieved by maintaining a strong military deterrent, close ties with the US and friendly relations between the Israeli, Egyptian and Jordanian armies, It also credited the resumed talks with “helping to reduce Israel’s international diplomatic isolation.”

Coincidentally, IBM announced on Thursday it is buying up the Israeli Trusteer data security company for an estimated $750 million. Previously this year, foreign companies have purchased several Israeli firms for a total of more than $3 billion.

Israel not only has been the eye in the center of the Middle East hurricane that has swept through Arab countries but also has one of the strongest and most stable economies in the Western world.

In the United States, a poll released Thursday by Gallup shows that President Barack Obama’s economy rating is at an all-time low of 35 percent, reflecting large scale unemployment that is not reported because so many Americans have given up looking for work.

In addition, Fox News reported that University of California at San Diego Prof. James Hamilton estimates that the U.S. national debt is $70 trillion, 3.5 times the official debt of $16.9

That works out to approximately $175,000, plus change, for every man, woman and child. And that does not include a tip for the president.

“Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds,” Fox reported. “Factoring in those figures brings the total amount the government owes to a staggering $70 trillion.”

Hamilton is not the first economist to estimate the debt to be so high, but the government prefers its own figures, for obvious reasons.

Eventually, say economists, the Treasury’s printing presses will be working overtime, leading to high inflation and interest rates, a double-whammy that can cause “stag-flation,” a recession with inflation.

The conclusion is that it would be wise to book early for a one-way ticket to Israel.

Israeli Firm Plans Gas Pipelines to Turkey, other Mideast Nations

Thursday, August 8th, 2013

An Israeli energy company has announced plans to export natural gas via pipelines through Turkey and other countries in the Middle East.

The Delek Group, the parent firm for several energy and gas exploration companies, said in its new prospectus that it plans to export some of the newly discovered natural gas off the Mediterranean cost to Europe via pipelines to Jordan, Turkey, Egypt and the Palestinian Authority, the Israeli business daily Globes reported.

Delek Group is in advanced talks with companies in those countries about buying Israeli gas and building pipelines. The group also has talked about building a liquefied natural gas facility in Israel.

The Israeli Cabinet in June approved a decision to export about 40 percent of the recently discovered reserves while keeping a 25-year supply for the country’s consumption. Revenue from the exported gas is expected to be about $60 billion.

Netanyahu Limits Gas Exports to 40 Percent

Wednesday, June 19th, 2013

Offshore gas fields should be allowed to export no more than 40 percent of the natural gas they produce, Prime Minister Binyamin Netanyahu announced Wednesday. The Cabinet is expected to approve the recommendation at Sunday’s weekly session.

The limit is more restrictive than the 53 percent that was suggested by a committee set up to come up with proposals on how to manage Israel’s newly discovered energy fields, but opponents nevertheless  protests in Tel Aviv Wednesday night, insisting  all the gas should be kept in Israel for domestic needs in the future.

The Prime Minister, after consulting with Finance Minister Yair Lapid and Energy and Water Resources Minister Silvan Shalom, and Finance Minister Yair Lapid, said, “The State of Israel received a gift from nature in large quantities of natural gas…. We have jointly decided to significantly increase the amount of gas for Israel’s use. This will supply our needs for 25 years.”

He estimated that Israel will receive approximately $60 billion from the gas fields over the next 25 years.

Greenpeace Infiltration May Have Prevented Terrorist Attack

Monday, June 3rd, 2013

Israel can thank Greenpeace activists for unintentionally alerting the country to a security lapse that terrorists could exploit to throw Israel into a blackout by blowing up the site, causing mass casualties and shutting down the electricity grid

Six Greenpeace activists managed to infiltrate Noble Energy’s off-shore gas terminal in the port of Ashdod Monday morning, and the pro-environment group said two of its members roamed freely within the sensitive site for an hour and a half.

They entered the 25-acre site by climbing ladders to bridge the fence around the terminal, setting off the warning system. Globes reported that the activists could have caused a shut-down of electricity to a large area of the country if they had done extensive damage.

The infiltrators were demonstrating their support for energy and opposition to Israel’s reliance on natural gas from the giant offshore energy fields discovered in the past three years off the Mediterranean Coast. Israel now produces more than half of the country’s electricity with natural gas.

Police arrested and then released all six activists, who were dressed up as the sun to show their support for solar energy.

But what if terrorists and not environmentalists had scaled the fence around the terminal?

It would have taken only a small amount of explosives to blow to smithereens the only network that carries gas to the terminal.

Anyone in the area probably would have gone up in smoke during an explosion, which would have severely crippled Israel’s dream of energy independence. Damage to the site would have forced a shut down to electricity in a large part of the country, causing financial and social chaos.

Nobel put on the stiff upper lip after the infiltration and stated, “The Greenpeace activists were handed over to the police. The matter is being investigated with the appropriate parties.”

Printed from: http://www.jewishpress.com/news/greenpeace-infiltration-may-have-prevented-terrorist-attack/2013/06/03/

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