Israel boosts navy

24 offshore oil blocks up for grabs.

Israel bolsters navy to protect offshore oil and gas zone

By Ari Rabinovitch

TEL AVIV, Jan 19 Israel is boosting spending on its navy to better protect offshore oil and gas deposits and secure a large maritime zone that abuts that of its neighbour and enemy, Lebanon.

The navy asked in 2013 for an increase in its budget of $700 million to build up its systems and $100 million annually to maintain them, though the defence ministry declines to say how much it has since received.

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Source: uk.reuters.com