Tel Aviv, December 19, 2016
Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by both Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (“the Partnerships”), which addresses and clarifies on publications made in the press concerning the negotiations between the Tamar Partners and Union Fenosa Gas SA (“UFG”), to achieve a binding agreement for the supply of natural gas from the Tamar Project for the existing UFG liquefaction installations in Egypt.
Further to Section 7.13.5(a)(2) of the periodic report of the Partnerships as of December 31, 2015, as released on March 28, 2016 regarding a letter of intent executed between the Tamar partners and Union Fenosa Gas SA ("UFG"), under which the parties are negotiating a binding agreement for the supply of natural gas from the Tamar project to UFG, for the purpose of feeding the existing UFG liquefaction plants in Egypt, and in response to reports in the media, the Partnerships wishes to clarify that, contrary to implications arising from the said reports, and following clarifications received from UFG on the matter, the parties are even now continuing to conduct negotiations on a continuous basis with the aim of reaching a binding agreement for the supply of natural gas from the Tamar project to the existing UFG liquefaction plants in Egypt.
TEKMOR Note: The Damietta LNG complex is operated by SEGAS, which is controlled by Unión Fenosa Gas (50-50 joint venture between Gas Natural Fenosa and ENI). Unión Fenosa Gas owns 80% of SEGAS shares. Minor share holders are the Egyptian Natural Gas Holding Company (EGAS - 10%) and the Egyptian General Petroleum Corporation (EGPC – 10%).Download PDF