Gulf Oil and Gas accountACCOUNT

Israeli Energy Firms Delek Drilling, Avner Oil to Finally Merge

Source: Reuters 5/17/2017, Location: Middle East

Share |
Israel's Delek Drilling and Avner Oil, both units of conglomerate Delek Group), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.

The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).

It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.

Delek Drilling also said in a statement that exports from Tamar to Jordan's Arab Potash Co and Jordan Bromine plants began in January.

Chief Executive Yossi Abu said he expects production at Tamar this year, "to cross the 10 billion cubic meter mark."

The companies' combined net profit in the first quarter was $78.9 million, up 23 percent from a year earlier.

Mergers and Acquisitions News in Israel >>

France >>  9/19/2017 - Total is to acquire GreenFlex, a French company specialized in energy efficiency. Founded in 2009, GreenFlex is one of the European leaders in its sec...
New Zealand >>  9/18/2017 - New Zealand Oil & Gas has received notice under rule 41 of the Takeovers Code from O.G. Oil & Gas (Singapore) Pte. Ltd. of its intention to make a par...

Canada >>  9/15/2017 - Teekay Tankers Ltd. (Teekay Tankers or the Company) announced that its Board of Directors has authorized a share repurchase program for the repurchase...
Namibia >>  9/13/2017 - Africa Energy Corp. (Africa Energy) announces the acquisition of one-third of the shares in a subsidiary of Pancontinental Oil & Gas N.L. (Pancontinen...

Argentina >>  9/11/2017 - BP announced that it has agreed with Bridas Corporation (Bridas) to form a new integrated energy company by combining their interests in the oil and g...
Sweden >>  9/11/2017 - The Annual General Meeting of May 17, 2017 authorized the Board to decide on the acquisition of own shares. The Board has decided to initiate a repurc...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Israel Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Israel >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.