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THE ECONOMY A seismic survey by British Gas International (BG) at a site off the northern coast of Israel near Haifa revealed that the field contains more than 100 million cubic meters of natural gas - equivalent to 2.5% of all the offshore natural gas drilled in Israel to date. BG informed its Israeli partners of the findings this week. The British wish to delay the drilling (that is considered of medium to high prospects) for one and a half years, in order to run additional testing, but the Israeli partners rejected this request, maintaining that the British company is acting out of other considerations. "We have the feeling that BG is suppressing its activities in Israel's waters in order to promote its true interest, which is marketing the gas it discovered in Gaza. It is therefore maneuvering in every possible way in order to delay the drilling so that it may continue to sell to Israel natural gas from Gaza," revealed a senior partner who is close to the Israelis. Israeli business interests in Canada are expanding: The Scalar Co., a subsidiary of the Israeli Dorban Group and the Jerusalem Economic Development Authority, acquired 90% of the rights to a commercial center in Toronto for CA$ 3,400,00 this week. The project includes a constructed area of 33,000 square meters. The purchase was made only 5 days after the Jerusalem Economic Development Authority acquired an office project in Paris, in the 13th Arrondissement, for more than $US 4.5 million. Yet another Israeli business deal in Canada: Isralom Properties Ltd. has acquired leasing rights in an office project in Montreal for $24 million in partnership with a Canadian company holding 25% of the rights. The Israeli company, Edgar Investments, acquired an office project in Ottawa for approximately CA$1.5 million this week. The Israeli company, Magal Security Systems Ltd., manufacturer of perimeter intrusion detection systems and automatic bomb detection, signed a $2.2 million deal to supply intrusion detection systems to protect Canadian Correctional Facilities. The Israeli pharmaceutical company TARO has been licensed to market Ketoderm cream for the treatment of fungal infections in Canada. Ketoderm is a generic version of the Nizoral cream marketed in Canada by the local MacNeal company. The market for this product is estimated at more than $3 million annually. The Israeli company Pilat Media has signed a contract with the American company Discovery Communications Inc., owners of the popular channel broadcasted in over 150 states, to introduce, train and provide support services for Discovery's IBMS systems for an initial amount of $4 million. The Israeli company anticipates additional income from these services in the coming years. The services provided by Pilat will enable Discovery to focus its efforts in the international arena outside the U.S. and to enhance efficiency in preparing broadcasts and in selling airtime for advertising. The Israeli company Arpal won a US army tender to supply security retrofitted windows to American army installations in the amount of close to half a million dollars. Arpal has also entered bids for other US government tenders totaling tens of millions of dollars.
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