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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches, Market

Israel has struck energy gold offshore. Now what?

Posted on 21 June 2013

Two offshore natural gas discoveries in the Mediterranean have left Israel flush with energy reserves for decades to come, but the country is stalled at an economic crossroads with geopolitical consequences as it considers the best way to use them.
The windfall is expected to be so strong that Israel’s government has set up a sovereign wealth fund to guard against currency appreciation that would hurt exporters. Soon after the announcement, critics protested in Tel Aviv, alleging that the government is allowing critical natural resources to be sold off to fill the pockets of business tycoons, something they say is akin to a “gas heist.”……………………………………….Full Article: Source


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