Tshuva. 'We'll supply all of country's needs'
Photo: Gil Yohanan

Delek: Israel to get natgas by 2013

Conglomerate's controlling shareholder Yitzhak Tshuva says natural gas from Tamar field to arrive as scheduled despite uncertainty created by government tax plan

Israeli conglomerate Delek Group's controlling shareholder said natural gas from the Tamar field would arrive in Israel by 2013, as scheduled despite uncertainty created by a government tax plan.


"We will supply all the needs of the country," billionaire Yitzhak Tshuva told an energy conference on Wednesday.


Israel's production of natural gas is set to soar in coming years following the discovery of two fields in the eastern Mediterranean that could provide the country with its natural gas needs for decades and even make it an energy exporter.


But there are doubts about Delek's ability to meet the target date after a Finance Ministry proposal to boost the government's share of profits from natural gas finds by an increase in taxes.


Israel's parliament on Monday gave its initial approval to the tax plan, which still needs to pass two more votes before becoming law.


The private energy sector has said this could scare off future investment. Partners in Tamar have said it has created uncertainty about the project.


Tshuva called on the Finance Ministry to meet with the gas developers to reach agreements and compromises regarding already discovered gas fields.


He said the partners in Tamar had already invested $1.4 billion of the $3 billion needed to develop the gas field.


Delek is a partner with Texas-based Noble Energy and Isramco Negev in the Tamar prospect off Israel, which contains an estimated 8.4 trillion cubic feet of gas.



Delek and Noble are also partners in the nearby Leviathan prospect, which is nearly twice the size of Tamar.


Tshuva said developing energy sources was more important than ever given the global difficulties that have led to a sharp rise in oil prices and that Israel must become energy independent.



פרסום ראשון: 03.03.11, 14:10
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