Ohad Marani moves from gas pipeline to gas exploration

Marani is leaving his post as Natural Gas Pipelines Company chairman early.

Israel Natural Gas Pipelines Company chairman Ohad Marani today notified Minister of National Infrastructures Uzi Landau that he is leaving his post early. Marani has decided to go into the oil and gas exploration business.

Marani added that the exact date of his departure would be determined jointly with the Ministry of National Infrastructures and the Government Companies Authority, in order to ensure a smooth transfer to his successor. He was due to serve until December 2010.

Marani previously served as Ministry of Finance director general and as chairman of Oil Refineries Ltd. (TASE:ORL). He will serve as CEO of Israel Land Energy Ltd., a new company set up by Israel Land Development Company (TASE: ILDC).

As "Globes" was the first to report, Israel Land Development chairman Ofer Nimrodi set up Israel Land Energy together with the Mochkin Group, owned by brothers Levi and Mendel Mochkin, and with Moshe Herszberg. Israel Land Energy and Modiin Energy LP (TASE:MDIN.L) recently bought the rights to the Mira and Sarah exploration leases at a value of $16 million. The transfer of the rights depends on approval by the Oil Supervisor at the Ministry of National Infrastructures, on the basis of a recommendation from the Oil Council.

Marani is also a director of Canadian oil and gas exploration company Adira Energy Ltd. (Frankfurt: AORLB8; Bulletin Board: ADENF) which operates in Israel through its wholly owned subsidiary Adira Energy Israel Ltd.

Published by Globes [online], Israel business news - www.globes-online.com - on April 25, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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