Israel is new to the natural gas market, so it is understandable that the administration of this field still falters at times. However, one must remember that the state's royalties from the harvesting of natural gas are not the ones filling its coffers.
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Over the past decade, the Bank of Israel has amassed a whopping $160 billion in foreign exchange reserves. The bulk of this procurement sought to compensate for the sharp decline in foreign exchange spending on oil purchases.
These reserves boost confidence in Israel's fiscal policies on the part of foreign investors and have allowed it to maintain its high international credit rating even in times of crisis.
Israel's high rating is easily reflected in its ease of fundraising, as well as in low-interest rates and long-term fundraising scope. Israel's natural gas finds have reduced its dependency on oil-producing countries. It has also positioned Israel as a key player in the Middle East, one in which Egypt, Jordan, Greece, Cyprus, and Italy are more interested because of these assets.
Israel's natural gas reserves are an important strategic asset and as reality has proven, those how opposed and delayed their development simply harmed state interests.
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