Tuesday, January 27, 2009

Gas discovery tempers Israeli recession blues

Good business news is rare these days, even in Israel, where the past half-decade's economic momentum is now officially over. Still, one bit of enchanting news broke here, and in the most unlikely industry, timing and location.

An American-Israeli prospecting consortium's Jan. 18 announcement that its Tamar 1 drilling site proved to contain "meaningful quantities" of natural gas momentarily illuminated an otherwise pitch-dark sky with a corporate, economic and political ray of light.

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