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July 5, 2015 / 18 Tammuz, 5775
At a Glance

Posts Tagged ‘Delek’

Chinese Companies Invest in Israel

Tuesday, June 23rd, 2015

A myriad Chinese firms are continuing their quest to invest in Israel, with major companies on the prowl to purchase anything for sale. As soon as a promising Israeli company appears on the block, well-heeled Chinese firms look it over. Several have already been snapped up.

Last month the Chinese government’s Bright Food Group officially signed an agreement with Israel’s Apax Partners to purchase a 56 percent stake in Tnuva Food Industries.

Mivtach-Shamir Food Industries Ltd., which owns 21 percent in the company, is still in talks to decide whether to sell to Bright Food. The kibbutz movement, which owns a 23 percent stake in Tnuva, has decided to stay out of the deal. Any side that pulls out before completion is required to pay NIS 140 million in compensation to the other party.

The dairy giant’s center of operations is to remain in Israel, according to the agreement, including its management, production and development, Globes reported. While a representative of Bright Food will serve as chairman of the Board of Directors, most of the board, as well as the CEO, management and most of the board itself is to remain Israeli as well.

“It is our intention to continue to keep Tnuva as an Israeli company,” Bright Food said in a statement, “and continue cooperating with all relevant local bodies including employees, farmers, and cattle farmers to faithfully serve the Israeli consumer.”  The deal is expected to reach completion within weeks.

Meanwhile, there are seven contenders for a major Israeli insurance company – and three of them are Chinese.

The sale of the controlling interest in the IDB Development insurance unit of Clal Insurance Enterprises Holdings Ltd. is set for mid-July. The sale requires submission of non-binding bids, which are to follow the signing of a confidentiality agreement. All seven contenders have already completed the latter requirement, which means the sale appears to be galloping along.

The firms from China include:

  • Chinese-European private equity fund XIO – which recently acquired the Israeli Lumenis Ltd. Firm;
  • Chinese insurance giant China Life; and
  • Chinese group JT Capital, headed by Li Haifeng, who has now combined forces with an unnamed Chinese insurance company.

A binding agreement was also signed yesterday (June 21) in the sale of the controlling interest in The Phoenix Holdings Ltd., owned by the Delek Group, Ltd.

That NIS 1.8 billion deal included a nine percent discount on the original value, agreed upon with Chinese investment company Fosun International Ltd.

Tamar Group To Sell Gas To Egypt Through Same Old Pipeline Built For Gas Exports To Israel

Thursday, March 19th, 2015

Published by Jewish Business News

A consortium of private, industrial, and commercial Egyptian companies will buy at least $1.2 billion of natural gas from Israel’s offshore Tamar field, through the very same pipeline Egypt had used to send gas to Israel.

On Wednesday, the Tamar partners announced a seven-year deal with Dolphinus Holdings, with a minimum 5 billion cubic meters of natural gas to be sold in the first three years.

But Reuters cites an energy source in Israel who said the deal is likely to be more than three times higher, as Egypt has been facing an energy crisis.

The gas will run through the underwater pipeline constructed almost 10 ago by East Mediterranean Gas (EMG), which executed the Egyptian-Israeli natural gas deal killed by the President Morsi government, and attacks on the pipeline by Salafi terrorists in the Sinai.

A lot of water ran through the River Nile since.

Texas-based Noble Energy is the field’s operator.

Chairman of Delek Drilling Yossi Abu, said the deal highlights Israel role as “an energy anchor for countries in the region” and that the deal will “radically change Israel’s geopolitical status.”

The Dolphinus deal is subject to regulatory and other approvals in Israel, Egypt and from the East Mediterranean Gas Company (EMG).

Israel is Energy Exporter in $15b Gas Deal to Jordan

Wednesday, September 3rd, 2014

Israel became an energy producer for the first time today with the closure of a deal to export natural gas to Jordan from the mammoth Leviathan gas field.

Leviathan will become Jordan’s main supplier of natural gas in the coming years. Months of discussions in the Israeli government eventually ended earlier in the year with a decision that the country would be allowed to export 40 percent of its offshore natural gas reserves.

Noble Energy Inc., Delek Group Ltd, Avner Oil and Gas LP and Delek Drilling Limited Partnership and Ratio Oil Exploration were expected to sign a $15b Memorandum of Understanding today (Sept. 3, 2014) to export natural gas for the next 15 years to Jordan.

Israeli Minister of Natural Infrastructures, Energy and Water Resources Silvan Shalom, and the U.S. State Department were both involved in the deal.

The Leviathan gas field is a large natural gas field located in the eastern Mediterranean Sea off Israel’s coastline, about 47 kilometers (29 miles) southwest of the Tamar gas field. It is located approximately 130 kilometers (81 miles) west of Haifa, in waters about 1,500 meters (4,900 feet) deep.

Tanin and Karish Gas Fields Declared “Proven Discoveries”

Wednesday, August 13th, 2014

Israel’s Energy Petroleum Commissioner declared that offshore Tanin and Karish gas fields are proven discoveries, according to a Globes report.

This declaration was needed in order that Noble Energy and Delek be able to sell their holding in the fields to a third party. Selling the fields helps the two companies avoid being declared a cartel by Israel’s Antitrust Authority.

Noble Energy and Delek are partners int eh Leviathan field.

Tshuva To Export 20% of “Tamar” Gas Field to Egypt

Tuesday, May 6th, 2014

Yitzchak Tshuva plans to sell 20% of the gas drilled from the “Tamar” gas field to Egpyt, according to a report in Calcalist.

Letters of understandings were signed, and official contracts are expected to be signed in six months.

This is the first export agreement with Egypt, and follows the export agreement signed a few months ago with Jordan.

Egypt is to receive 4.5 BCM (billion cubic meters) each year for 15 years. The deal is valued at 1.1 to 1.3 billion dollars a year for a total of around $20 billion dollars.

The “Tamar” gas field holds an estimated 320 BCM and is owned by Noble Energy (36%), Delek and Avner Drilling (31.25%), Isramco (28.7%) and Dor Gas (4%).

Israel Testing Natural Gas Trucks

Monday, August 26th, 2013

The Israeli Ministry of Transportation is testing natural gas powered trucks to approve them for import and usage in Israel. Mercedes, Scania and Iveco have applied for import licences according to Globes.

Yitzchak Tshuva’s Delek Gas company, which owns the rights to the Tamar and Leviathan offshore natural gas sites is planning to build natural gas fuel stations.

Israel has found tremendous reserves of natural gas, and depending on usage, the gas could last Israel over 50 years.

More Natural Gas Found

Thursday, May 16th, 2013

On Wednesday evening, the Delek Group announced that they believe they’ve found an additional 57 billion cubic meters (2 trillion cubic feet) of natural gas at the Karish (“Shark”) 1 well. Updated estimates, on Thursday morning, are now saying there is possibly 80-100 billion cubic meters.

The drilling began in mid-March, and was expected to go on for 3 months.

The Karish well is 75 kilometers north west of Haifa. The waters depth is 1,740 meters, and they will be drilling down 4,900 meters.

This well is being drilled by Noble Energy (47.1%), Yitzhak Tshuva’s Delek Drilling (26.4%) and Avner Oil and Gas (26.4%).

The issue of what to do with the gas is a controversial subject in Israel, with some sides saying it should be exported, while other saying it should all be kept for domestic use.

Government profits from the gas are going to be put into a special fund, but JewishPress.com has been calling for Israel to follow the Alaska model introduced by Sarah Palin, where State income and sales tax have been cancelled, and citizens of Alaska personally receive checks from the oil revenue royalties and taxes.

Palin introduced the concept that the natural resources of the state belong to the citizens of Alaska, and they should profit from it directly.

Printed from: http://www.jewishpress.com/news/breaking-news/more-natural-gas-found/2013/05/16/

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