WORLD NEWS | Israel takes steps to increase natural gas use

Jerusalem [Israel]June 27 (ANI/TPS): The Knesset Economic Committee on Monday approved a 15-year extension of Israel Gas Routes’ license until 2049.

The Israel Gas Route Company (Netivei Gaz in Hebrew) is responsible for transporting natural gas to power plants that use natural gas to generate electricity and to Israel’s largest industrial plants.

Read also | Diwali declares NYC public schools a holiday, but there’s a highlight for this year’s Hindu festival of lights!

The license extension will allow the company to raise long-term debt to finance investments in Israel’s gas infrastructure. In addition, the extension of the license will allow it to enter into long-term contracts with a wide range of transmission customers, especially power plants. This move will increase the certainty and stability of the Israeli gas and electricity industry and allow them to prepare effectively for the long term.

Another amendment to the law approved by the committee today aims to allow the Minister of Energy and Infrastructure to grant a license to the company without setting up a subsidiary so that the company can operate in distribution areas where the Minister of Energy and Infrastructure and The Treasurer is of the view that the existing distribution company has not fulfilled its obligations under the license granted nor the options granted to her under the license. (ANI/TPS)

Read also | The Wagner Group Armed Mutiny: Find out what happened in the standoff with Russia.

(This is an unedited and auto-generated story from a syndicated news feed, the latest staff may not have modified or edited the body of content)