29 October 12 10:21–Israel National Gas Lines Ltd. is heading for the Tel Aviv Stock Exchange (TASE). At the 2012 Energy Conference yesterday, Chairman Ron Chaimovski revealed that the company had begun preparing a prospectus for a NIS 2 billion offering on the capital market next year. The offering is due to be held by mid-year, and the company will switch to International Financial Reporting Standards (IFRS) beforehand.
Chaimovski presented preliminary data about the company’s plans for building strategic gas storage reservoirs. According to the plan, it will be possible to complete reservoirs within five years at Mount Sdom at a cost of up to $500 million. The reservoirs will be able to supply 30% of Israel’s natural gas needs for two months. National Gas Lines will also use the proceeds to finance gas pipelines to Jerusalem, to the Phoenicia Americal-Israel (Flat Glass) plant near Upper Nazareth, to the Nilit industrial zone, and to Palmachim, as well as doubling the Ashdod-Nesher pipeline…Read More>>