Ampal-American Israel Corp. (Nasdaq:AMPL) a holding company in the business of acquiring and managing interests in various businesses, announced that the gas supply to East Mediterranean Gas Co. ("EMG"), and therefore to EMG’s Israeli Clients, is expected to resume later this month. Ampal has a 12.5% interest in EMG. The Egyptian National Gas Company (“EGPC”) informed EMG that the delay is to due to a hold-up in repair work on a GASCO (the Egyptian gas transport company, and EGAS subsidiary) pipeline.
Ampal-American Israel Corporation acquires interests in businesses located in the State of Israel or that are Israel-related. Ampal is a New York corporation founded in 1942 and is headquartered in New York, New York.
What happens in the oil and natural gas industry echoes throughout the economy. That’s because the industry is connected to a large variety of industries that use oil and natural gas products either directly or indirectly. New taxes could harm workers and industries throughout the economy. The oil and natural gas industry is working to diminish the downsizing, cancellation of projects and reducing its workforce that may be required by the drop in crude oil and natural gas prices. More taxes would block those efforts and could result in the loss of thousands of industry related jobs every year.
Proper Power & Energy, Inc. (Pink Sheets:PPWE.PK), a Tampa-based independent oil and gas exploration and production company, has announced that it has been approached by two independent financing groups and has submitted a $10 million private placement memorandum to each of them. These two groups are seeking domestic oil and gas production in light of the Middle East tensions.
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