Natural gas supply from Egypt was renewed
According to recent report, the natural gas transfer from Egypt to Israel was renewed this week, after the pipeline was sabotaged by terrorists more than a month ago. The sabotage caused an eruption in the transfer of natural gas not only to Israeli but also to other neighboring countries including Lebanon, Jordan and Syria; these countries also have been consuming Egyptian natural gas.
Due to this impediment in transfer of natural gas from Egypt, Israel’s electric company needed to resort to other energy commodities such as oil that were more expensive in producing electricity. Some even estimated this damage to cost the Israeli market two to three billion NIS.
That being said, it’s also reported that the Egyptians will seek to renegotiate the current price that Israel is paying for the natural gas is receives from the Egypt.
Advances in Natural gas explorations market in Israel
There are also report of further advances in the natural gas and crude oil deep water explorations as the Tethys sea partnership will get finance of $240 million from a group of banks led by Morgan Stanly; this current natural gas project will continue to produce natural gas until 2013.The Tamar project is expected to replace the above-mentioned project by the same time of 2013.
According to The Marker, the progress of Tamar is right on schedule; up to March 2011 the investment in this project was estimated at $0.7 billion out of $3 billion of the total budget.
China is already considering purchasing the natural gas that Israel will have in the near future abundantly; it’s reported that Beijing Gas Group is showing its interest in buying natural gas, one of the major energy commodities that China’s demand is on the rise, especially as crude oil prices are so high compared with natural gas prices.
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