Israel seeks to turn gas to gold

[billym]

Israel seeks to turn gas to gold - Boston.com

JERUSALEM—Israel is putting together a plan for a national investment fund that would put to work an anticipated natural gas bonanza to fuel both an export-geared economy and provide a nest egg of $10 billion in under a decade for future generations.

The proposed Israeli sovereign wealth fund is still in the planning phase, but officials have said some of the revenues would be invested in critical areas such as education and health.

Also being discussed are using some of the proceeds to endow a new set of export-oriented, technology-based industries that would build on what has traditionally been the country's greatest resource: human capital.


Here's another link
http://www.usatoday.com/money/world/...und/52774108/1

The fund would mark the beginning of a strategic development for the Jewish state in an oil-rich region where it has few friends and has had to rely on its own industry and outside aid for economic growth. It would also make it the latest member of a club whose members have typically been energy exporting titans such as Saudi Arabia, the United Arab Emirates and Norway.

Israel would become "a role model of a developing economy that moved into developed economy status," said Glenn Yago, senior director at the Milken Institute economic think tank. The institute was enlisted by the Israeli government to map out alternative structure for such a fund, drawing on the experiences of other nations with similar investment vehicles.

The driving force behind the fund was the 2009 discovery of two large offshore natural gas fields with estimated reserves of 25 trillion cubic meters of gas. The fields were a boon for resource-poor Israel. The late Prime Minister Golda Meir famously lamented that Moses had picked as the Jewish homeland "the one spot in the Middle East that has no oil."

A consortium headed by U.S.-based Noble Energy Inc. has said it will begin extracting gas from the deepwater fields in about a year, with the production expected to far exceed Israel's domestic gas needs.

Even before the first gas has been extracted, Israeli officials are working on what to do with the proceeds from its sale. Officials estimated that gas receipts will bring in between $2 billion to $3 billion per year.

[Cricket55]

I just think this is so awesome for Israel!!!

[mattfivefour]

[LivnForChrist]

[FaithInChrist]

I think this is awesome for Isreal. I have a question about this. They just announced they are shutting down some of the natural gas wells here in N. Texas due to the low price of natural gas right now. It costs more to pull the gas out of the ground than they are making. Is the natural gas rate different than oil prices and not felt worldwide? I pray for Isreal and I truly pray this is a financial gain for them, but with hearing this on the news today I couldn't help but wonder.

[AndyM]

Good question faithinchrist.
I pray for Israel for their complete trust in God the creator. I pray many will except Jesus in these times ahead.