Daily Israel Report

PM Netanyahu: Israel to Export Only 40% of Natural Gas Finds

Israel is to export only 40 percent of natural gas it extracts from newly discovered gas fields off Mediterranean coast, says PM Netanyahu.
By Rina Tzvi
First Publish: 6/19/2013, 6:57 PM

PM Netanyahu
PM Netanyahu
Flash 90

Israel is to export only 40 percent of the natural gas it extracts from newly discovered gas fields off its Mediterranean coast, Prime Minister Binyamin Netanyahu said on Wednesday.

"The State of Israel will receive 60 percent of the gas produced which will allow it to meet its own needs for the next 25 years," he said.

Last year, an official commission had recommended the government cap the export quota at 53 percent.

Netanyahu said the exports would bring in some $60 billion to the state coffers during the next 20 years.

The decision to limit exports to 40 percent will be submitted to the cabinet on Sunday for its approval, he said.

If approved, the decision will see Israel retaining 540 billion cubic meters of its gas reserves for domestic use out of reserves expected to total 900 bcm, the Globes business website said.