Tshuva commits to speed up Tamar development

Yitzhak Tshuva: Gas will reach Israel in 2013, and we will become energy independent.

Yitzhak Tshuva, the controlling shareholder in Tamar partner Delek Group Ltd. (TASE: DLEKG), promises to speed up development of the natural gas field so that gas will flow to Israel in 2013.

"We are working round the clock. Despite delays and difficulties in financing the project, because of the Sheshinski recommendations, I say and commit that we will beat the original deadline. Gas will reach Israel's shores in 2013," Tshuva told the "Calcalist" Energy Conference.

Tshuva continued, "We will meet all of Israel's needs, and we will do what is required of us. I believe that we'll reach understandings with the Ministry of Finance regarding an agreement with Israel Electric Corporation (IEC) (TASE: ELEC.B22) and financing. We didn’t wait for financing to move forward, and as of now we've invested $1.4 billion in the project, and we'll meet all that is required of us.

"Development of energy is of unparalleled importance. We're seeing the difficulties in the world which have caused a rise in the global price of oil, and we must appreciate Israel's achievements to date. We must continue to invest and develop, and believe in what we do, because we're building the State of Israel and must protect it and make it energy independent. For this purpose, we must have an agreement with investors and developers to keep up the momentum. We want to be a major player in the global energy market, which will give us political power, as well. Use of gas will save more than 50%, lowering vehicle costs accordingly, and this money will stay in Israel."

Tshuva concluded, "I promise that we'll meet the timetable. It's true that Israel will again sit down and talk with the gas explorers and reach understandings and compromises in the spirit of understandings and not through legislation. In a measured way, and I am only talking about past discoveries. We will do everything within an understanding and talk and the gas will flow despite everything."

Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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