Offshore developers in Israel are crying foul after an advisory committee last week recommended that the government raise the tax on oil companies' profits to a sliding scale of 20%-50%-lifting the overall state take to 52%-62% from 30% now. That being said, specific provisions should cushion the blow on the 8.4 trillion cubic foot offshore Tamar field, slated to start supplying the domestic market in 2013. The recommendations, made by the Sheshinski committee, are to be debated and possibly tweaked by Israeli Prime Minister Benjamin Netanyahu and his cabinet this week.
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