Israel's REM Energy partnership issued a prospectus on Wednesday for an offering on the Tel Aviv Stock Exchange to raise 25 million shekels ($7.1 million) to advance the country's largest shale oil project.
The partnership, controlled by Northwood Exploration Israel, plans to build a plant in southern Israel to produce oil and electricity from oil shale.
Established in 2011, Northwood is owned by Australia
's Casella family, owners of Casella Wines.
The company's license has an estimated 245 million tonnes of shale oil for the production of 135 million barrels of oil. The partnership plans to produce 800,000-900,000 barrels of oil a year and generate 15 megawatts of electricity for use by the company as well as to sell to external customers.
To date 11 million shekels have been invested in planning the project.
The oil shale will be mixed with plastic waste for the enrichment of oil production
and as an environmental solution for landfilling of non-biodegradable municipal waste.
($1 = 3.5430 shekels)
(Reporting by Tova Cohen)