Delek Group Ltd. (TASE: DLEKG) subsidiary Yam Tethys has beaten Egypt's East Mediterranean Gas Co. (EMG) to win a $1 billion natural gas supply contract with Israel Electric Corporation (IEC) (TASE: ELEC.B22).
Yitzhak Tshuva controls Delek, which owns 53% of Yam Tethys, while Noble Energy Inc. (NYSE: NBL) owns 47%. Yossi Maiman is a shareholder in EMG through Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL) and his private company Merhav MNF Ltd.
"Globes" was the first to report that both Yam Tethys and EMG bid in the IEC gas supply tender. Energy sources believed from outset that Yam Tethys could offer a lower price than EMG, and that Yam Tethys had the better chance of winning the tender.
Last year, IEC published a tender for the supply of up to five billion cubic meters of natural gas over a five-year period beginning in 2009. The gas will power IEC's power stations that will be built as part of the company's emergency plan, beginning in the summer of 2009.
Earlier today, Tel Aviv Stock Exchange (TASE) trading in shares of Delek Energy Systems Ltd. (TASE: DEOL), Delek Drilling Limited Partnership (TASE: DEDR.L), and Avner Oil and Gas LP (TASE: AVNR.L) ahead of what they called a report of a "significant event".
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009