by David Rachovich
On January 21 the U.S. Environmental Protection Agency (EPA) approved an E15 waiver for model year (MY) 2001 through 2006 passenger vehicles, including cars, SUVs, and light pickup trucks.
Monday, January 24, 2011
Schlumberger Sees Slow Recovery in US Gulf
Energy Intelligence (EI) -- Oil Daily, Jan 24, 2011
Schlumberger, the world's largest oil services provider, anticipates a slow recovery for deepwater exploration in the Gulf of Mexico, but sees a "marked increase" in deepwater activity in the rest of the world this year. Read More
Schlumberger, the world's largest oil services provider, anticipates a slow recovery for deepwater exploration in the Gulf of Mexico, but sees a "marked increase" in deepwater activity in the rest of the world this year. Read More
Sunday, January 23, 2011
China Pips South Korea to the Post as Top Shipbuilder for Second Year
Platts, Jan 17, 2011
China has overtaken South Korea as the world's top shipbuilder for the second consecutive year, data released by shipbrokers and the Chinese government last week showed.
London-based Clarkson Research said in its latest report that Chinese shipbuilders have snapped up a total of 15.9 million compensated gross tons or CGT in new orders while South Korea was in the second spot with 11.77 million CGT.
Compensated gross tonnage is a unit of measurement that allows comparison of different shipyards' production regardless of the types of vessel produced.
"In terms of production, they [Chinese] are ahead. The problem is the accessibility of their ships in the international market," a source who is in charge of sales and purchase at a shipbroking company said.
"People who really want to wait to buy a ship will go to the South Koreans [while] someone who needs a ship [soon] will look to the Chinese," he added.
QUALITY VERSUS QUANTITY DEBATE GOES ON
While the jury is still out on who builds better ships, the source described the South Korean shipbuilders' work as more "refined." They "don't offer any discounts to get orders," he added. ...
(However, in terms of order value, South Korean shipbuilders outpaced Chinese rivals by winning contracts valued at a combined $30.61 billion in 2010, higher than the comparable figure of $28.29 billion for Chinese shipyards. Back in 2003 South Korea became the world’s top shipbuilding country by outstripping Japan in three key categories, i.e. shipbuilding volume, order backlogs and new orders. But Chinese rivals outpaced South Korean shipyards in the number of new orders received and order backlogs in 2009 as China grabbed new orders at cheap prices while their South Korean counterparts continued to focus on high-priced vessels and offshore facilities. -- D.R.)
China has overtaken South Korea as the world's top shipbuilder for the second consecutive year, data released by shipbrokers and the Chinese government last week showed.
London-based Clarkson Research said in its latest report that Chinese shipbuilders have snapped up a total of 15.9 million compensated gross tons or CGT in new orders while South Korea was in the second spot with 11.77 million CGT.
Compensated gross tonnage is a unit of measurement that allows comparison of different shipyards' production regardless of the types of vessel produced.
"In terms of production, they [Chinese] are ahead. The problem is the accessibility of their ships in the international market," a source who is in charge of sales and purchase at a shipbroking company said.
"People who really want to wait to buy a ship will go to the South Koreans [while] someone who needs a ship [soon] will look to the Chinese," he added.
QUALITY VERSUS QUANTITY DEBATE GOES ON
While the jury is still out on who builds better ships, the source described the South Korean shipbuilders' work as more "refined." They "don't offer any discounts to get orders," he added. ...
(However, in terms of order value, South Korean shipbuilders outpaced Chinese rivals by winning contracts valued at a combined $30.61 billion in 2010, higher than the comparable figure of $28.29 billion for Chinese shipyards. Back in 2003 South Korea became the world’s top shipbuilding country by outstripping Japan in three key categories, i.e. shipbuilding volume, order backlogs and new orders. But Chinese rivals outpaced South Korean shipyards in the number of new orders received and order backlogs in 2009 as China grabbed new orders at cheap prices while their South Korean counterparts continued to focus on high-priced vessels and offshore facilities. -- D.R.)
Saturday, January 22, 2011
Emerging Economies to Lead Energy Growth to 2030 and Renewables to Out-Grow Oil, Says BP Analysis
BP website, Jan 19, 2011
World energy growth over the next twenty years is expected to be dominated by emerging economies such as China, India, Russia and Brazil while improvements in energy efficiency measures are set to accelerate, according to BP’s latest projection of energy trends, the BP Energy Outlook 2030.
BP's 'base case' - or most likely projection - points to primary energy use growing by nearly 40% over the next twenty years, with 93% of the growth coming from non-OECD (Organisation of Economic Co-operation and Development) countries. Non-OECD countries are seen to rapidly increase their share of overall energy demand from just over half currently to two-thirds.
Over the same period, energy intensity, a key measure of energy use per unit of economic output, is set to improve globally led by rapid efficiency gains in the same non-OECD economies, under these projections.
According to the BP Energy Outlook, diversification of energy sources increases and non-fossil fuels (nuclear, hydro and renewables) are together expected to be the biggest source of growth for the first time. Between 2010 to 2030 the contribution to energy growth of renewables (solar, wind, geothermal and biofuels) is seen to increase from 5% to 18%. [According to BP, the rate at which renewables penetrate the global energy market is similar to the emergence of nuclear power in the 1970s and 1980s. -- D.R.]
Natural gas is projected to be the fastest growing fossil fuel, and coal and oil are likely to lose market share as all fossil fuels experience lower growth rates. Fossil fuels’ contribution to primary energy growth is projected to fall from 83% to 64%. [...]
BP’s ‘base case’ projections are that world primary energy demand growth averages 1.7% per year from 2010 to 2030 although growth decelerates slightly beyond 2020. Non-OECD energy consumption will be 68% higher by 2030 averaging 2.6% per year growth, and accounts for 93% of global energy growth. In contrast, OECD growth averages 0.3% per year to 2030; and from 2020 OECD energy consumption per capita is on a declining trend of -0.2% per year.
Transport growth is seen to slow because of a decline in the OECD. The region’s total demand for oil and other liquids peaked in 2005 and will be back at roughly the level of 1990 by 2030. Toward the end of the period, coal demand in China will no longer be rising and China is projected to become the world’s largest oil consumer. [According to the BP Outlook, China is the largest source of oil consumption growth, with consumption forecast to grow by 8 million barrels a day to reach 17.5 million barrels a day by 2030, overtaking the United States to become the world's largest oil consumer -- D.R.]
OPEC’s share of global oil production is set to increase to 46%, a position not seen since 1977. At the same time, oil - and gas - import dependency in the US is likely to fall to levels not seen since the 1990s, because of improved fuel efficiency and the increased share of biofuels. Global consumption growth is also impacted by higher oil prices in recent years and a gradual reduction of subsidies in oil-importing countries.
The fuel mix changes over time, reflecting long asset lifetimes. Oil, excluding bio-fuels, will grow relatively slowly at 0.6% per year; natural gas is the fastest growing fossil fuel with more than three times the projected growth rate of oil at 2.1% per year. Coal will increase by 1.2% per year and by 2030 it is likely to provide virtually as much energy as oil excluding biofuels. The strong carbon policy drive in OECD countries risks being more than offset by growth in emerging economies. [Among non-fossil fuels, renewables are expected to grow at 8.2% per year from 2010 to 2030.]
Wind, solar, bio-fuels and other renewables continue to grow strongly, increasing their share in primary energy from less than 2% now to more than 6% projected by 2030. Biofuels will provide 9% of transport fuels and nuclear and hydropower will grow steadily and gain market share in total energy consumption.
“The slowing of growth in total energy in transport is related to higher oil prices and improving fuel economy, vehicle saturation in mature economies, and expected increases in taxation and subsidy reduction in developing economies,” said Rühl. “In percentage terms, oil demand is reduced the most in the power sector (-30%) because this is the easiest oil to displace with gas or renewables and is the sector most likely to employ carbon pricing.” [...]
Global liquids demand is forecast to reach 102.4 million barrels per day (mmbpd) in 2030. The net growth of 16.5 mmbpd over the next 20 years comes exclusively from the emerging economies of the non-OECD. “Non-OECD Asia will account for nearly two-thirds of non-OECD consumption growth over the next 20 years and more than three-quarters of the net global increase, rising by nearly 13 million barrels a day,” said Rühl.
The largest increments of new supply will come from OPEC – conventional crude in Saudi Arabia and Iraq, as well as OPEC natural gas liquids (NGLs) which are not subject to OPEC quotas.”
Non-OPEC liquids are likely to rise modestly, driven by a large increase in biofuels, along with smaller increments from Canadian oil sands, deepwater Brazil, and the FSU which offset continued declines in mature provinces. [...]
According to the Energy Outlook’s projections, oil continues to suffer a long run decline in market share, while gas steadily gains share. Coal’s recent gains in market share, on the back of rapid industrialisation in China and India in particular, are reversed by 2030, with all three fossil fuels converging on market shares around 27%. [...]
Biofuels production is expected to reach 6.7 mmbpd by 2030 from 1.8 mmbpd in 2010 and will contribute 125% of net non-OPEC supply growth over the next 20 years. Continued policy support, high oil prices, and continued technological innovations all contribute to the rapid expansion.
The US and Brazil will continue to dominate biofuel production with 76% of total output in 2010 but falling to 68% in 2030 as output from Asia-Pacific begins to rise. [Read More]
(The BP Energy Outlook 2030 is the first of BP’s forward-looking analyses to be published, after 60 years of producing definitive historical data in the BP Statistical Review of World Energy. The Energy Outlook has been used only internally so far. Prof. Christof Rühl is Chief Economist of BP plc. The BP Energy Outlook 2030 is available in pdf format here -- D.R.)
World energy growth over the next twenty years is expected to be dominated by emerging economies such as China, India, Russia and Brazil while improvements in energy efficiency measures are set to accelerate, according to BP’s latest projection of energy trends, the BP Energy Outlook 2030.
BP's 'base case' - or most likely projection - points to primary energy use growing by nearly 40% over the next twenty years, with 93% of the growth coming from non-OECD (Organisation of Economic Co-operation and Development) countries. Non-OECD countries are seen to rapidly increase their share of overall energy demand from just over half currently to two-thirds.
Over the same period, energy intensity, a key measure of energy use per unit of economic output, is set to improve globally led by rapid efficiency gains in the same non-OECD economies, under these projections.
According to the BP Energy Outlook, diversification of energy sources increases and non-fossil fuels (nuclear, hydro and renewables) are together expected to be the biggest source of growth for the first time. Between 2010 to 2030 the contribution to energy growth of renewables (solar, wind, geothermal and biofuels) is seen to increase from 5% to 18%. [According to BP, the rate at which renewables penetrate the global energy market is similar to the emergence of nuclear power in the 1970s and 1980s. -- D.R.]
Natural gas is projected to be the fastest growing fossil fuel, and coal and oil are likely to lose market share as all fossil fuels experience lower growth rates. Fossil fuels’ contribution to primary energy growth is projected to fall from 83% to 64%. [...]
BP’s ‘base case’ projections are that world primary energy demand growth averages 1.7% per year from 2010 to 2030 although growth decelerates slightly beyond 2020. Non-OECD energy consumption will be 68% higher by 2030 averaging 2.6% per year growth, and accounts for 93% of global energy growth. In contrast, OECD growth averages 0.3% per year to 2030; and from 2020 OECD energy consumption per capita is on a declining trend of -0.2% per year.
Transport growth is seen to slow because of a decline in the OECD. The region’s total demand for oil and other liquids peaked in 2005 and will be back at roughly the level of 1990 by 2030. Toward the end of the period, coal demand in China will no longer be rising and China is projected to become the world’s largest oil consumer. [According to the BP Outlook, China is the largest source of oil consumption growth, with consumption forecast to grow by 8 million barrels a day to reach 17.5 million barrels a day by 2030, overtaking the United States to become the world's largest oil consumer -- D.R.]
OPEC’s share of global oil production is set to increase to 46%, a position not seen since 1977. At the same time, oil - and gas - import dependency in the US is likely to fall to levels not seen since the 1990s, because of improved fuel efficiency and the increased share of biofuels. Global consumption growth is also impacted by higher oil prices in recent years and a gradual reduction of subsidies in oil-importing countries.
The fuel mix changes over time, reflecting long asset lifetimes. Oil, excluding bio-fuels, will grow relatively slowly at 0.6% per year; natural gas is the fastest growing fossil fuel with more than three times the projected growth rate of oil at 2.1% per year. Coal will increase by 1.2% per year and by 2030 it is likely to provide virtually as much energy as oil excluding biofuels. The strong carbon policy drive in OECD countries risks being more than offset by growth in emerging economies. [Among non-fossil fuels, renewables are expected to grow at 8.2% per year from 2010 to 2030.]
Wind, solar, bio-fuels and other renewables continue to grow strongly, increasing their share in primary energy from less than 2% now to more than 6% projected by 2030. Biofuels will provide 9% of transport fuels and nuclear and hydropower will grow steadily and gain market share in total energy consumption.
“The slowing of growth in total energy in transport is related to higher oil prices and improving fuel economy, vehicle saturation in mature economies, and expected increases in taxation and subsidy reduction in developing economies,” said Rühl. “In percentage terms, oil demand is reduced the most in the power sector (-30%) because this is the easiest oil to displace with gas or renewables and is the sector most likely to employ carbon pricing.” [...]
Global liquids demand is forecast to reach 102.4 million barrels per day (mmbpd) in 2030. The net growth of 16.5 mmbpd over the next 20 years comes exclusively from the emerging economies of the non-OECD. “Non-OECD Asia will account for nearly two-thirds of non-OECD consumption growth over the next 20 years and more than three-quarters of the net global increase, rising by nearly 13 million barrels a day,” said Rühl.
The largest increments of new supply will come from OPEC – conventional crude in Saudi Arabia and Iraq, as well as OPEC natural gas liquids (NGLs) which are not subject to OPEC quotas.”
Non-OPEC liquids are likely to rise modestly, driven by a large increase in biofuels, along with smaller increments from Canadian oil sands, deepwater Brazil, and the FSU which offset continued declines in mature provinces. [...]
According to the Energy Outlook’s projections, oil continues to suffer a long run decline in market share, while gas steadily gains share. Coal’s recent gains in market share, on the back of rapid industrialisation in China and India in particular, are reversed by 2030, with all three fossil fuels converging on market shares around 27%. [...]
Biofuels production is expected to reach 6.7 mmbpd by 2030 from 1.8 mmbpd in 2010 and will contribute 125% of net non-OPEC supply growth over the next 20 years. Continued policy support, high oil prices, and continued technological innovations all contribute to the rapid expansion.
The US and Brazil will continue to dominate biofuel production with 76% of total output in 2010 but falling to 68% in 2030 as output from Asia-Pacific begins to rise. [Read More]
(The BP Energy Outlook 2030 is the first of BP’s forward-looking analyses to be published, after 60 years of producing definitive historical data in the BP Statistical Review of World Energy. The Energy Outlook has been used only internally so far. Prof. Christof Rühl is Chief Economist of BP plc. The BP Energy Outlook 2030 is available in pdf format here -- D.R.)
Thursday, January 20, 2011
UK Upstream Investment Set to Nearly Double in 2011: Wood Mac
Platts, Jan 20, 2011
Investment in the UK's upstream oil and gas industry is set to nearly double in 2011, seen rising to GBP7.7 billion ($12.3 billion) from GBP4.4 billion the year before, according to analysts Wood Mackenzie.
The analysts said Wednesday that "improved economic confidence and the expectation of a stable, high oil price will lead to a rise in exploration and appraisal drilling activity in the UK."
The Brent crude oil price has recently approached $100/barrel levels, up from $75/b this time last year, while an annual UK gas contract is around 58 pence/therm ($9.33/MMBtu), up from 43 p/th this time last year, and compared with current US gas prices around $4.50/MMBtu.
The company said that in 2010 the upstream industry had continued a slow recovery that started in late 2009.
Lindsay Wexelstein, lead analyst for the UK upstream research team, said: "Looking at the last year, industry confidence was reflected by the success of the 26th Licensing Round, an increase in deal activity and a rise in the number of projects put forward for approval."
"The returning confidence was also evident in exploration, where drilling was up by 28% with 37 wells spudded, but it was still a long way short of the 56 wells spudded in 2008," she said.
"For 2011, we expect exploration and appraisal drilling to increase as companies' more positive economic outlooks become reflected in their drilling schedules. The UK remains an attractive province and material discoveries are still being made."
The volume of reserves discovered in 2010 was only 233 million barrels oil equivalent, however, down by 67 million boe from 2009.
There remained interest in acquiring growth assets in the North Sea, but there was a continued slowdown in mature asset trading, Wood Mac said.
Over $7.3 billion of assets were traded in the most active UK deal market since 2006, Wood Mac said. Korea National Oil Corp.'s takeover of Dana Petroleum accounted for almost half of the total value exchanged.
"We do not expect a significant shift in the asset market in 2011, meaning deal activity levels are likely to remain at similar volumes to 2010," Wexelstein said.
(Wood Mackenzie has been producing its annual review of the UK upstream service for over 30 years. -- D.R.)
Investment in the UK's upstream oil and gas industry is set to nearly double in 2011, seen rising to GBP7.7 billion ($12.3 billion) from GBP4.4 billion the year before, according to analysts Wood Mackenzie.
The analysts said Wednesday that "improved economic confidence and the expectation of a stable, high oil price will lead to a rise in exploration and appraisal drilling activity in the UK."
The Brent crude oil price has recently approached $100/barrel levels, up from $75/b this time last year, while an annual UK gas contract is around 58 pence/therm ($9.33/MMBtu), up from 43 p/th this time last year, and compared with current US gas prices around $4.50/MMBtu.
The company said that in 2010 the upstream industry had continued a slow recovery that started in late 2009.
Lindsay Wexelstein, lead analyst for the UK upstream research team, said: "Looking at the last year, industry confidence was reflected by the success of the 26th Licensing Round, an increase in deal activity and a rise in the number of projects put forward for approval."
"The returning confidence was also evident in exploration, where drilling was up by 28% with 37 wells spudded, but it was still a long way short of the 56 wells spudded in 2008," she said.
"For 2011, we expect exploration and appraisal drilling to increase as companies' more positive economic outlooks become reflected in their drilling schedules. The UK remains an attractive province and material discoveries are still being made."
The volume of reserves discovered in 2010 was only 233 million barrels oil equivalent, however, down by 67 million boe from 2009.
There remained interest in acquiring growth assets in the North Sea, but there was a continued slowdown in mature asset trading, Wood Mac said.
Over $7.3 billion of assets were traded in the most active UK deal market since 2006, Wood Mac said. Korea National Oil Corp.'s takeover of Dana Petroleum accounted for almost half of the total value exchanged.
"We do not expect a significant shift in the asset market in 2011, meaning deal activity levels are likely to remain at similar volumes to 2010," Wexelstein said.
(Wood Mackenzie has been producing its annual review of the UK upstream service for over 30 years. -- D.R.)
IEA Raises 2011 Global Oil Demand Forecast; Revises Up Global Oil Demand Growth for 2010
by David Rachovich
In its latest monthly Oil Market Report (OMR), released on January 18, the International Energy Agency (IEA) claims that global oil product demand for 2010 and 2011 is revised up by an average of 320,000 barrels a day (b/d) on higher-than-expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 million b/d in 2010 (+2.7 million b/d year-on-year or 3.2% growth), rises by 1.4 million b/d to 89.1 million b/d in 2011.
Highlights of the latest OMR are available at http://omrpublic.iea.org/
In its latest monthly Oil Market Report (OMR), released on January 18, the International Energy Agency (IEA) claims that global oil product demand for 2010 and 2011 is revised up by an average of 320,000 barrels a day (b/d) on higher-than-expected submissions, reflecting buoyant global economic growth and cold northern hemisphere weather. Global oil demand, assessed at 87.7 million b/d in 2010 (+2.7 million b/d year-on-year or 3.2% growth), rises by 1.4 million b/d to 89.1 million b/d in 2011.
Highlights of the latest OMR are available at http://omrpublic.iea.org/
Wednesday, January 19, 2011
Israel Corp Seeks Guarantees from Tamar on Future Gas Supplies
Platts, Jan 17, 2011
Israel Corporation Ltd has given the Tamar consortium until February 1 to guarantee that it can meet the holding company's timetable for supplying natural gas to its subsidiaries, according to Israel Corporation Ltd officials Monday.
The request came in the form of a letter to the partners in the Tamar consortium.
The Israel Corp. letter stated that if the Tamar consortium was unable to meet the timetable then the company would be free to sign agreements with other suppliers.
Israel Corp is expected to be the largest industrial consumer of natural gas in Israel and second only to the state owned Israel Electric Corp.
Last month, the holding company signed an agreement with East Mediterranean Gas Supply Corp., or EMG, for the initial supply of 1.4 billion cubic meters of gas from Egypt beginning in the second quarter of 2011. [See my post here -- D.R.]
The 20-year EMG contract is for supplies to three companies controlled by Israel Corp -- Oil Refineries Ltd, Israel Chemicals and OPC Rotem.
A senior Israel Corp. official said that a contract for an additional 1.5 Bcm/year of supplies could eventually go to the Tamar consortium, which comprises Noble Energy Inc, Delek Drilling, Avner Oil and Gas, Isramco and Dor Gas.
Israel Corp. CEO Nir Gilad made it clear that the holding company would prefer to buy from local producers. But Israel Corp. said at the time of the signing of the EMG contract that it also had an option until March 31 for an additional 1.5 Bcm/year in supplies from Egypt.
The Tamar consortium is hoping to commence deliveries of gas in 2013 but the development of the huge offshore field has been held up over the debate in Israel over a change in the tax regime for oil and gas exploration companies.
The companies charge that the proposed changes by a finance ministry-appointed committee earlier this month would make it difficult to raise the necessary funds for developing the field.
The committee headed by Professor Eitan Sheshinski recommended increasing the government take on oil and gas profits [i.e. the share of the state in the net profits -- D.R.] from the current level of less than 30% to 50 to 62%. In addition, the committee recommended a tax on profits ranging from 20% to a maximum of 50%, accelerated depreciation, a lower level of taxation be imposed on oil and gas fields that begin production by 2014, retaining the 12.5% royalty tax and the cancellation of the depletion allowance. The Israeli government is expected to decide in the coming weeks on the tax issue.
The agreement between the Israel Corp. and EMG was seen as a setback for the Tamar consortium, which was hoping to clinch the entire deal. ...
(Prime Minister Binyamin Netanyahu on Tuesday (Jan 18) said that he fully accepts the recommendations of the Sheshinski Committee. -- D.R.)
Israel Corporation Ltd has given the Tamar consortium until February 1 to guarantee that it can meet the holding company's timetable for supplying natural gas to its subsidiaries, according to Israel Corporation Ltd officials Monday.
The request came in the form of a letter to the partners in the Tamar consortium.
The Israel Corp. letter stated that if the Tamar consortium was unable to meet the timetable then the company would be free to sign agreements with other suppliers.
Israel Corp is expected to be the largest industrial consumer of natural gas in Israel and second only to the state owned Israel Electric Corp.
Last month, the holding company signed an agreement with East Mediterranean Gas Supply Corp., or EMG, for the initial supply of 1.4 billion cubic meters of gas from Egypt beginning in the second quarter of 2011. [See my post here -- D.R.]
The 20-year EMG contract is for supplies to three companies controlled by Israel Corp -- Oil Refineries Ltd, Israel Chemicals and OPC Rotem.
A senior Israel Corp. official said that a contract for an additional 1.5 Bcm/year of supplies could eventually go to the Tamar consortium, which comprises Noble Energy Inc, Delek Drilling, Avner Oil and Gas, Isramco and Dor Gas.
Israel Corp. CEO Nir Gilad made it clear that the holding company would prefer to buy from local producers. But Israel Corp. said at the time of the signing of the EMG contract that it also had an option until March 31 for an additional 1.5 Bcm/year in supplies from Egypt.
The Tamar consortium is hoping to commence deliveries of gas in 2013 but the development of the huge offshore field has been held up over the debate in Israel over a change in the tax regime for oil and gas exploration companies.
The companies charge that the proposed changes by a finance ministry-appointed committee earlier this month would make it difficult to raise the necessary funds for developing the field.
The committee headed by Professor Eitan Sheshinski recommended increasing the government take on oil and gas profits [i.e. the share of the state in the net profits -- D.R.] from the current level of less than 30% to 50 to 62%. In addition, the committee recommended a tax on profits ranging from 20% to a maximum of 50%, accelerated depreciation, a lower level of taxation be imposed on oil and gas fields that begin production by 2014, retaining the 12.5% royalty tax and the cancellation of the depletion allowance. The Israeli government is expected to decide in the coming weeks on the tax issue.
The agreement between the Israel Corp. and EMG was seen as a setback for the Tamar consortium, which was hoping to clinch the entire deal. ...
(Prime Minister Binyamin Netanyahu on Tuesday (Jan 18) said that he fully accepts the recommendations of the Sheshinski Committee. -- D.R.)
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