Connect with us

Hi, what are you looking for?

Jewish Business News


Delek, Noble buy controlling Stake in Egypt EMG gas Pipeline for $518 million

The developers of Israel’s largest gas fields and their Egyptian partner buy 39% controlling stake in the pipeline, to fulfill their $15 billion gas deal with Egypt’s Dolphinus.

Delek, Noble buy controlling Stake in Egypt EMG gas Pipeline for $518 million

Israel’s Delek Drilling LP, Noble Energy Inc. The developers of Israel’s largest gas fields Tamar and Leviathan and their Egyptian partner East Gas buy 39 percent stake in Eastern Mediterranean Gas Co.(EMG), according to a statement released Thursday.

The three companies will pay $518 million for the controlling stake in the gas pipeline to Egypt. Delek and Noble paying $185 million each and the balance pay by East Gas.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

According to the agreement the buyers will receive exclusive rights to lease and operate EMG’s subsea gas pipeline, which connects Ashkelon, in southern Israel to Egypt via Sinai peninsula.

The partners Delek and Nobel Energy will use the EMG gas pipeline to implement a $15 billion deal signed in February to export 64 million cubic meters of natural gas to Egyptian company Dolphinus over 10 years.

Delek said Leviathan gas is due to begin flowing in early 2019. Noble Energy expects that Dolphinus will be supplied with gas from the Tamar field even before then.

Delek Drilling CEO Yossi Abu said, “The Leviathan field is becoming the central energy anchor in the Mediterranean basin with customers in Israel, Egypt and Jordan.”

Noble Energy SVP Offshore J. Keith Elliott said, “Today’s announcements mark significant steps forward in supplying natural gas from the world-class Tamar and Leviathan fields to regional customers through existing infrastructure. They also represent another major milestone toward Egypt’s goal to become a regional energy hub, providing access to both growing domestic markets and existing LNG export facilities. With these agreements, we are securing the capacity to deliver on our firm gas sales agreement with Dolphinus for Leviathan while also allowing for interruptible sales from Tamar into Egypt. This further solidifies the strong cash flow growth anticipated from our Eastern Mediterranean assets.”



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.