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February 9, 2016 / 30 Shevat, 5776

Posts Tagged ‘Delek Group’

Will Israel Destroy Its Own Energy Independence, Break Deal with Delek, Noble Energy?

Wednesday, December 24th, 2014

The Israeli government’s anti-trust authority is challenging the investors over the group’s monopoly in the field of natural gas development.

U.S.-based Noble Energy and Israel’s Delek group formed the partnership that discovered, explored and began drilling in the mammoth Leviathan gas field and the smaller Tamar field, both in coastal Mediterranean waters.

An original three-year agreement with Israel’s government was to allow the group to maintain control of the gas fields. They were to sell two smaller gas deposits in order to create competition in the local market.

David Gilo, who heads Israel’s Anti-Trust Authority, said on Tuesday however that he is considering backing away from the agreement.

Instead, Gilo said he may advise the government to break up the partnership in order to avoid a monopoly in the market. In response, the Tel Aviv Stock Exchange Tuesday morning suspending trading in shares of energy companies, including Delek.

Noble is threatening litigation, adding that it will “take all action necessary to protect its legal and legitimate rights.” Prospecting by other companies for offshore gas in the country has also halted out of concern over regulatory risk.

National elections that are now facing the country and the dog fighting involved has not done anything to help the situation either.

The Jewish State finds itself in the peculiar situation in which it clearly has the resources to finally become energy independence — yet appears to be on the bring of shooting itself in the foot well before it has the chance to liberate itself from its slavery to others.

Israel Corp, Tamar Oil Partners Sign $4 Billion Gas Contract

Monday, November 26th, 2012

Israel Corp. and the Tamar partners signed a $4 billion contract on Sunday, agreeing that Noble Energy, Delek Group, Isramco and Alon Natural Gas Exploration would provide for Israel Corp’s gas needs.

The deal turned Israel Corp into Israel’s second largest natural gas consumer, after the Israel Electric Company.

Though Israel Corp will be needing $10 billion worth of gas, the deal is for the short term, in anticipation of the entrance of competing gas suppliers, including Leviathan.

The deal will enable Israel Corp subsidiaries Israel Chemicals, Oil Refineries Ltd. And OPC Rotem to buy 16-20 billion cubic meters of gas from the Tamar field.

The deal comes after the collapse of an agreement between Israel Corp and an Egyptian gas provider following the fall of President Hosni Mubarak.

Printed from: http://www.jewishpress.com/news/israel-corp-tamar-oil-partners-sign-4-billion-gas-contract/2012/11/26/

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