In response to today's news about the natural gas discovery at the Tamar prospect, Delek Group controlling shareholder Yitzhak Tshuva told “IDF Radio" (Galei Zahal) this morning, "The success of the drilling is a historic milestone for Israeli economic independence. It could solve the country's gas problems for many years and generations to come.
"I have no doubt that that this is a great day for Israel. We now won't be dependent on others for gas, and we'll even be able to make exports. We're talking about huge quantities."
Tshuva added that he will be able to repay Delek Group's (TASE: DLEKG) debts to the public and banks, despite the current crisis. He predicted that the Tamar well will have a positive effect on the Israeli economy, which is being affected by the global recession. "Israel can expect to save 20% on its energy costs, and our dependence on oil will decrease," he said.
Delek Group owns a 31.25% stake in the prospect through subsidiaries Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L).
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2009
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