Israel’s Delek Group is becoming little more than a holding company for its 55% stake in Delek Drilling (whose key asset is 45% of the country’s giant Leviathan gas field – MEES, 31 July), and 100% of North Sea producer Ithaca Energy. Delek is struggling to remain solvent given debts incurred with Ithaca’s $2bn 2019 purchase of Chevron’s North Sea assets (MEES, 31 May 2019).
Delek last week agreed the sale to Rapac Energy for IS367.5mn ($108mn) – an 8% discount to the previously-touted IS400mn – of two gas-fired power plants integrated with desalination facilities: a 140MW plant at Sorek-1, and 87MW at Ashkelon. Gas for both comes from the part-Delek owned Tamar field (MEES, 29 May). (CONTINUED - 204 WORDS)