NewMed Energy

growth-positive

The Israeli Energy Ministry has approved a new route for Israeli gas exports to Egypt via Jordan. Israeli exports to Egypt are set to increase, but the current transmission system is unable to accommodate the volumes. A new offshore pipeline will be laid to enable the export of natural gas to Egypt. In the meantime, gas from Leviathan will flow through the Israeli transmission system to Jordan before reaching Egypt. This new route is expected to increase exports to 2.5-3 bcm in 2022. The U.S. has submitted a maritime border proposal to Lebanon to settle the dispute with Israel. Delek Drilling has rebranded as NewMed Energy and plans to expand its activities to include alternative energies. The East Mediterranean Gas Forum and the Boston Consulting Group are pursuing cooperation on the Forums long-term strategy. The U.S. and Egypt have launched a Climate Working Group. Israel Electric Corp and Energroup have signed an MoU to develop hydrogen projects in Israel.

growth-positive

Delek Drilling and Avner Oil, subsidiaries of Delek Group, have completed a merger and will begin trading as one company. The new entity, named Delek Drilling, will have a market value of about 16 billion shekels ($4.4 billion). Delek Group owns major stakes in the Israeli offshore natural gas fields Tamar and Leviathan through Delek Drilling and Avner Oil. Delek Drilling also announced the start of exports from Tamar to Jordan. The companies combined net profit in the first quarter increased by 23 percent compared to the previous year.