Israeli energy conglomerate Delek Group reported lower quarterly profit

By: Middle East Affairs

On Thursday, Israeli energy conglomerate Delek Group revealed bring down quarterly benefit, harmed by a misfortune from investigation and creation (E&P) business in the North Sea at its Ithaca Energy unit.

“It earned 170 million shekels ($47 million) in the second quarter, contrasted and 180 million a year sooner when a gain from the buy of Ithaca helped benefits,” Delek said.

On the other hand, Ithaca, entirely possessed by Delek, contributed a 32 million shekel misfortune to Delek’s primary concern versus a 47 million shekel benefit a year sooner. The decrease was caused by an almost one-month operational halt to interface a coasting generation office in June.

It should be noted that Income rose to 2.1 billion shekels from 1.6 billion, supported by higher deals at its Delek Israel unit yet mostly balanced by the offer of 9.25 percent of its possessions in the Tamar petroleum gas field off Israel’s Mediterranean drift.

Moreover, Tamar’s gas deals hit another quarterly record of 2.6 billion cubic meters (bcm) in the second quarter.

Notwithstanding a stake in Tamar, Delek, through an auxiliary, has a noteworthy offer in the close-by Leviathan gas field.

“The Leviathan venture is 60 percent finish and stays on plan for the main gas deals to start before the finish of 2019,” Delek said.

The organization, with accomplice Noble Energy, is endeavoring to secure the rights to an East Mediterranean Gas-claimed subsea pipeline to convey gas amongst Israel and Egypt.

Delek and Noble have marked a $15 billion gas supply manage Egypt’s Dolphinus Holdings.

Delek Chief Executive Asaf Bartfeld said: “We anticipate gaining rights to the EMG pipeline in the close term, which would permit the usage of the gas send out concurrence with Egypt concealing volumes of to 64 bcm.”

“It would pay a profit of 120 million shekels, the same as the principal quarter,” Delek said.

Read more >>EGYPT’S DOLPHINUS HOLDINGS PLANS TO START IMPORTING GAS FROM ISRAEL FOR RE-EXPORT IN 2019

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