(photo credit: Ariel Jerozolimski)
IEC’s Lasker resigns • By AMIRAM BARKAT
Israel Electric Corporation CEO Amos
Lasker has announced that he will step down after the financial report for 2010
is presented at the end of March 2011, according to information obtained by
Reports suggest that there are serious tensions in the
relationship between Lasker and the new chairman Yiftah Ron-Tal. Even so, Lasker
and Ron-Tal have been working together and Ron-Tal asked Lasker to stay on after
he announced his resignation.
Talks to reform the IEC have been
deadlocked recently and this has made Lasker’s job as CEO more
difficult.Natural gas use to double in decade
• By KOBY YESHAYAHOU
Israel consumed 5.2 billion cubic meters of natural gas in 2010, representing an
increase of 23% compared with the previous year 2009, the National
Infrastructures Ministry reported on Sunday.
The ministry expects natural
gas use to double by 2020.
Yam Tethys, owned by Delek Group Ltd., and
Noble Energy Inc., supplied over 60 percent of the natural gas and Egypt’s East
Mediterranean Gas Company (EMG) supplied the rest. The Israel Electric
Corporation consumed 90% of the gas. The rest was consumed by the Paz Oil
Company Ltd. Paz Ashdod Refinery; the Ashkelon desalination plant, partly owned
by Delek, Israel Chemicals Ltd’s Dead Sea Works; and IDB Holding Corp. Ltd.
units Hadera Paper Ltd. and Nesher Israel Cement Enterprises Ltd.
National Infrastructures Ministry said that development of Israel’s natural gas
infrastructure would continue in 2011, and it expects natural gas consumption to
reach 6 billion cubic meters. Most of the increase will follow the extension of
the natural gas pipeline to the north and hook-ups to customers there, including
Oil Refineries Ltd. and IEC’s power plants in Haifa Bay and Alon
The ministry expects great change in Israel’s energy market over
the coming years, as industrial customers switch to gas from current fuels, and
the newly discovered offshore Tamar gas field, partly owned by Delek and Noble
Energy, comes on line.Itamar, Hoffmann-La Roche sign deal
• By GLOBES’
Itamar Medical Ltd. has signed an agreement with
F. Hoffmann-La Roche Ltd. to develop a version of Itamar’s EndoPat
non-invasive cardiovascular diagnostic device for the Swiss pharmaceutical
company to use in animals, which is crucial for advanced trials of drug
Itamar Medical will develop a customized version of the
EndoPAT over three years at a cost of €1.6 million, of which Roche will fund
€1.35m. Roche has the right to review and decide on stages of development of the
device and will pay the balance of the financing. Itamar Medical will keep the
intellectual property rights of the device, except for certain components that
Roche will supply.
Itamar Medical and Roche Products Ltd. have terminated
a separate agreement, signed in March. Itamar Medical earned $373,000 under this
deal, much of it already received.Africa-Israel CFO resigns
• By KOBY
Africa-Israel Investments Ltd. CFO Ron Fainaro has resigned. Fainaro,
43, took up his post in 2007, and was with the company during a difficult
period. No date has been set for the resignation to come into effect, and
Africa-Israel will announce this later.
In August 2009, Africa-Israel,
controlled by chairman Lev Leviev, announced that it would seek a debt
settlement, after the company’s share price lost over 90% of its value over
three years, due to difficulties in the US, East European, and Russian real
In August 2010, Fainaro received a NIS 1.25 million bonus
for his efforts in stabilizing the company during the tough times and reaching
the debt settlement.
A source at Africa-Israel told Globes that Fainaro
was leaving to “pursue new directions.”Leviev’s Moscow mall opening
• By HILLEL KOREN
Lev Leviev’s Russia mall project failed to open its
doors in the first week of December despite repeated promises in notices to the
Tel Aviv Stock Exchange (TASE) and in financial reports by Africa-Israel
Investments Ltd. and its Russian development arm, AFI Development
One of the reasons for delay is that no permit has yet been received
from the Moscow municipality. The delay means that the Mall of Russia will not
be open for this year’s Christmas shopping season.
On July 12, AFI
Development said that the Mall of Russia project would open in the first week of
The company added that the mall was 70-75% let, and that most
of stores would begin operations during the first quarter of 2011. Africa-Israel
explicitly said in its financial report for the third quarter that the Mall of
Russia would open in December.