Israeli Ministers approve blueprint for natural gas development

By Calev Ben-David

750x-1(Israeli Prime Minister Benjamin Netanyahu gives a statement on the agreement at his Jerusalem office August 13. Photographer: Menahem Kahana/AFP/Getty Images)

The Israeli cabinet approved a regulatory blueprint for developing the country’s natural gas fields, backed by Prime Minister Benjamin Netanyahu and opposed by detractors who call it overly generous to energy companies.
Ministers approved the outline by a vote of 17-1. The framework will now go for a final vote to parliament, where Netanyahu’s coalition holds a one-seat majority.
The government says the arrangement will attract new investors to explore and develop offshore fields, speed exports to regional neighbors including Jordan and Egypt, and pump billions of shekels of taxes and royalties into the economy.
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