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THE ECONOMY
Israel's Yaakov Engel company will carry out a mammoth$1.5 billion project to transport natural gas from the Arkhangelsk region of Siberia, in Russia. 630 kilometers of pipeline will be laid from the region of the gas reserves in Siberia to the port of Arkhangelsk and from there the gas will be transported in refrigeration containers to Europe. Furthermore, a plant that manufactures methanol, which will be one of the largest in the world, will be constructed - a process that will take four years. To help in financing the project, the Government of Russia, and Russia's largest gas company will provide loan guarantees to the Israeli company.
Vision Systems International LLC (VSI), a subsidiary of the Israeli company Elbit Systems Ltd., has been awarded a $60.1 million contract by the American aircraft manufacturing company Boeing. VSI will supply the American air force 300 Joint Helmet-Mounted Cueing Systems (JHMCS) for its F-15s and F-16s as well as its Superhornets. The JHMCS provide the pilot maximum flexibility while operating the aircraft. He can see data on the display screen of the JHMCS that enables him to home in on targets. VSI will serve as Boeing's subcontractor in the deal with the American army. It is believed that Boeing will be awarded an additional contract to supply the American army with 1,500 systems. In such a case, VSI would win a contract of some $300 million.
The Israeli company Tadiran Kesher won a $25 million contract with an Asian country. Tadiran will supply this country with long-range communications equipment that enables both verbal communication and the transmission of secure data -- as an alternative to satellite communications. At the end of 2002, Tadiran's orders totaled $486 million and its income totaled $58 million -- compared with $15 million in 2001. Asia was responsible for 20% of the company's income in 2002.
The European American CDC IXIS Asset Management Bank, one of the largest in the world in this field, has begun to operate in Israel. The bank, which manages institutional investments of $300 billion, is a subsidiary of the CDC IXIS Bank, which has the highest possible credit rating - AAA. According to Gilles Goren, the bank's co-president, its management "is excited by the potential in the Israeli market, following special terms given to institutional investors.
In March, Israel's foreign currency reserves increased by $482 million (compared to February), totaling $23,524 billion. The volume of trade by foreign financial institutions totaled $34.4 billion in March, compared with $26.3 million in February. The representative exchange rate of the dollar was NIS 4.687 at the end of March - 2.56% less than at the end of February and 1.-6% less than at the beginning of 2003.
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