Israel moves ahead with IEI oil shale Project

摘要

Israel Energy Initiatives Ltd. (IEI), a subsidiary of Genie Energy Ltd., said it is pleased by a favorable ruling issued Dec. 24 by the Supreme Court of Israel. The court's decision clears a major legal roadblock and enables an important oil shale project to move forward to the permitting phase. In its ruling, the Israeli Supreme Court rejected a petition filed by the Israel Union for Environmental Defense against various ministries of the State of Israel, IEI, and another Israeli oil and gas company, seeking to cancel the regulations governing the permitting process of oil and gas exploration, and seeking to cancel the exploration license granted to IEI.