Delek’s Leviathan Development Fund Raising Gathers Pace

Israel’s Delek Group, one of the major players in the country’s recent offshore natural gas discoveries, is close to concluding a series of fund raising efforts to lift its $2.04bn share of the estimated $4.5bn development costs of Israel’s giant 19 tcf offshore Leviathan field.

Most recently, on 8 June the company announced it is selling 100% of ‘Delek Europe’ – which operates 1,230 Texaco-branded gas stations and 935 convenience stores – to UK-based private equity firm TDR Capital for $485mn.

This follows last month’s raising of $2bn through a US bond (MEES, 16 May), and a further $276mn through the sale of 22% of ‘Delek US’ leaving the parent company with a mere 8%. Delek is also looking to offload a stake in two Israeli insurance firms: Phoenix and Republic Insurance. (CONTINUED - 775 WORDS)

DATA INSIDE THIS ARTICLE

table Delek’s Fundraising Efforts*