Israel today inaugurated the LNG buoy and the docking of an LNG tanker.
Israel National Gas Lines Ltd. and Israel Electric Corporation (IEC) (TASE: ELEC.B22) today inaugurated the liquefied natural gas (LNG) buoy and the docking of an LNG tanker. Israel one of the few countries in the world that uses an LNG buoy to import natural gas. The buoy uses a submerged turret loading buoy system to dock with LNG tankers and transfer their cargos to the national gas pipeline network. The buoy has an annual capacity of 2.5 billion cubic meters of gas.
The LNG buoy is a strategic facility to ensure steady gas supplies for power stations and industry, in the event of a gas shortage and to improve the country's energy security. Within the buoys first few weeks of operation, it will save Israel NIS 500 million by replacing more expensive diesel.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2013
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