Israeli Natural Gas Saving Economy $300M a Month

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Nov. 6 (Bloomberg) –- Israeli Energy Minister Silvan Shalom says Israel’s Natural Gas production is saving the economy $300M a month now and could potentially save the economy up to $1B a month by 2015. He spoke exclusively to Elliott Gotkine on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

With our middle east editor elliott gotkine.

Saving israel $300 million a month, every single month.

Israeli gas production replaces gas that was traditionally imported.

The minister told me that figure could be much bigger and a couple of years.

It was saved close to $1 billion a month to the israeli industry.

It will bring huge improvement to the israeli economy because the gas will be much cheaper.

It will cut the amount of water that is used to produce electricity.

Most figures are based on the existing gas feels.

Leviathan is a few years down the line.

He is confident not only that more gas will be found, but that israel will find oil as well.

This is presumably before israel actually starts to export the gas.

He says we need to make the decision very soon.

Even if it were made this week and there are a lot of permutations on the table, pipelines to cyprus or jordan or turkey or combination, even at that decision was made this week, exports would not start flowing until 2019. whatever decision is made, the ministers adamant, in his words, everyone wants to hug israel.

The israeli pipeline will come through turkey.

Even the russians are very interested.

Obviously there are political concerns as well.

He maintains that israel would not want to have a pipeline to a country that if it felt so inclined would be able to -- intimating that a pipeline to turkey would be the less likely candidate, but israel has not made that decision just yet a bit a burly bodyguard is a

This text has been automatically generated. It may not be 100% accurate.

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