Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva told the energy conference at the Netanya Academic College, "We now have the capacity to export large quantities of natural gas. We drilled and drilled, and we finally found gas."
Tshuva devoted most of his speech to a clear message to Israel's regulators: "Do everything to enable gas exports from our discoveries."
Tshuva said that gas exports "will increase the government's revenues, create many jobs, strengthen Israel's international standing, and consolidate our power in the world. To export the gas, we need to build large-scale infrastructures, which could cost more than $15 billion."
Tshuva said that Israel was at the height of an energy revolution. "This period will be written in the history books about Israel, about when we became an energy great power," he said.
For the first time, Tshuva commented on the huge gas supply contract with Israel Electric Corporation (IEC) (TASE: ELEC.B22), saying, "This contract will lower electricity rates, because it is cheaper to generate electricity with gas than with diesel. Israel is a small country that was founded after a 2,000-year exile. We all love and appreciate our tiny country and it is our duty to strengthen it. The state should support all investors and companies and encourage continued development and gas exploration, especially now."
Given the criticism leveled against him about the Delek Real Estate Ltd. (TASE: DLKR) debt settlement and investors' haircut, Tshuva avoiding explicitly mentioning the company. However, he was obviously referring to it, when he said that some investments fail, but that it was important not to give up. "We have a moral duty to support troubled companies to help them recover. That is what I have done in the past, and that is what I will do in the future. I know no other way," he said.
Tshuva added, "I promise you that I will continue to invest in Israel - it is the only country we have. We will develop it, maintain its strength, and protect it for our sakes and the sake of future generations."
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2012
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