By Micah Halpern
I've Been Thinking:
Remember when Israel discovered a mammoth natural gas reserve off their coast in the Mediterranean Sea?
It was nothing short of a miracle!
In 2018 when the natural gas field, Leviathan, opens for business it will turn Israel into a real player in the natural gas market.
The problem is that Israel is having problems securing contracts and clients to buy their natural gas. Turkey was their best potential client, but that outlet dried up because of this summer's conflict Operation Preventive Edge in Gaza.
Then Cyprus pulled out because of negotiation issues.
Austria fell apart because of an old and continuing conflict over taxes.
That leaves only the Palestinian Authority and Jordan as clients and the possibility of supplying the Egyptian side of British Gas and their liquefied natural gas facility in Egypt.
What this really means is that the gas will be way undersold and that Israel will only be a regional supplier and not an international supplier. That situation is potentially cataclysmic for Israel as it tries to break into the market.
Once Israel is relegated to being a regional force, it will be hard to become a world player.
Micah@MicahHalpern.com
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