Steinitz: Myra and Sarah will lower gas prices

Turkey bans exports of all goods to Israeli ports

"The discoveries demonstrate the importance of implementing the Sheshinski committee's recommendations quickly."

"The discoveries announced today are welcome news for the oil and gas industry and for the Israeli economy as a whole," Minister of Finance Yuval Steinitz said today in response to the announcement that the Myra and Sarah leases potentially have 6.5 trillion cubic feet of gas and 150 million barrels of oil.

"As these discoveries are verified, they will further strengthen the necessary competition between existing gas reserves and will lower prices," said Steinitz. "These discoveries demonstrate the importance of setting up the Sheshinski committee and the rapid implementation of its recommendations to ensure that Israel's citizens will share in the natural resources now discovered."

Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2011