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British energy in Israel by: Leslie Bunder
FILED UNDER SOMETHINGISRAELI >> Business

Oil
Oil

BG Group, the British-based global energy company is looking to expand its business interests in Israel as the country begins to offer favourable conditions for foreign businesses to supply energy.

The company currently has limited interests in Israel, but the Israeli government is looking to further encourage competition in the country to help lower prices for energy.
 
BG Group first got involved in the Israeli market through an interest Med Yavne which is 20 miles offshore Israel and is operated with a local partner.
 
2006, marks the tenth anniversary of the company coming to Israel and areas of the Palestinian Authority.
 
Currently, the only non-foreign supplier is an Israeli-Egyptian company and the Israeli government is keen to get other investors and businesses to offer energy.
 
Acting Israeli Prime Minister Ehud Olmert has written to UK Chancellor of the Exchequer Gordon Brown to say he welcomed BG's activities to grow its business in Israel.
 
Speaking to Israeli business magazine, Globes, Ministry of Finance Deputy Budget Directory Amir Levy said “The process led by Olmert will lower the price of electricity, because the existence of three suppliers will make competition possible.”
 
For more information: www.bg-group.com



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