Israel to Export 40% of its Gas

Israel has decided to export 40 percent of the natural gas it expects to produce from offshore wells, keeping a larger amount for local use than expected, Associated Press has reported.

The figure, announced by Prime Minister Benjamin Netanyahu on Wednesday, is lower than the 53 percent recommended by an inter-ministerial committee last year, AP said.

The decision ends months of uncertainty on export amounts. Netanyahu's Cabinet is expected to approve the measure on Sunday, AP reported.

Netanyahu said Israel seeks to earn $60 billion over the next two decades from the exports.