"We believe that, at some point, Egyptian natural gas will flow again. I don’t believe that the pipeline will be closed down, because it makes dollars for the Egyptian economy. It should also be remembered that gas from Tamar will begin flowing by the end of 2012, so there is no need to hurry," Israel Corporation (TASE: ILCO) CEO Nir Gilad told "Globes", following the publication of the company's financial report for the first quarter.
Gilad said, "We've covered our gas consumption for the coming period until we'll need more gas. Our gas consumption is divided into three: Israel Chemicals Ltd. (TASE: ICL), Oil Refineries Ltd. (TASE:ORL), and the power station that we're going to build. Israel Chemicals and Oil Refineries are covered, and the first natural gas-driven power station will come online in early 2013, so it can be said that Israel Corp's gas consumption is covered for 18 months, part at normal prices, and part at spot prices."
"Globes": Although there is no connection between Israel Corp. and Ofer Shipping, do you have anything to say about the sanctions against Ofer Shipping?
Gilad: "We are sure that this is a misunderstanding that it will be sorted out soon. Sources in the US said that there is no connection with Israel Corp., and I don’t believe that any investor will withdraw its investment or sell its holding in the company because of this issue."
"We're growing, continuing our investments in Better Place LLC and in Chery Quantum Auto Company, and investing in electricity production in Israel and other countries. Israel Chemicals continues to expand its operations in Israel and overseas, and the group is developing."
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011