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Former IDF Chief of Staff Gabi Ashkenazi has been appointed chairman of the board of Shemen Oil and Gas Exploration which is currently exploring at the Shemen license (formerly Med Ashdod, offshore Ashdod).
According to the terms of the agreement, Ashkenazi will provide strategic assistance and consulting by actively participating in the completion of the company's financing round.
Furthermore, he will assist in the company's strategic planning and drive gas and oil prospecting and business production opportunities. He will also represent the company vis-à-vis the authorities and investors, all within a 75% employment agreement.
His contract further stipulates that the appointment of members of the board shall be subjected to his consideration.
The contract has a three-year term and includes a NIS 100,000 ($27,500) monthly salary, including VAT. Ashkenazi will be fully reimbursed for car leasing and per diem and other reasonable expenses of up to NIS 10,000 ($2,750) he incurs in the course of his duties.