Israel to seek alternative natural gas off Gaza coast

[ 13/06/2011 – 05:44 PM ]

NAZARETH, (PIC)– The Israeli ministry of infrastructure announced Monday its decision to begin works on a natural gas field off the coast of the Gaza Strip.

The move is an attempt to find a source alternative to gas imported from Egypt that was interrupted by a string of explosions during the revolution that swept the country.

The infrastructure ministry has instructed American company Noble Energy to begin developing a natural gas field called Noa North, near the Gaza Strip’s coast.

It asked the company to submit its plan of action before the middle of July.

Noa North is estimated to carry 1.2 billion cubic meters of natural gas.

The announcement comes as Israeli media sources say Israel faces a potential economic threat in the future in the backdrop of moves seeking Palestinian statehood with the United Nations.

The Tel Aviv stock exchange saw a 9.5 percent decline in contrast to the Bank of Israel’s optimistic expectations as the country’s economy grows and unemployment decreases.

It said that the Palestinians’ planning to unilaterally seek statehood from the UN General Assembly in September could spark a new uprising, which would in turn force labor unions, companies, and states to oppose Israel’s policies and impose sanctions on the government.

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