The Israeli company Delek expected to complete a deal to transfer part of the ownership of a gas pipeline between Egypt and Israel in the coming days.
A year ago, the Texas-based Noble Energy and Delek Israeli Drilling partnered with Egypt's Eastern Mediterranean Gas Company (EMG) in a joint venture called EMED, in which it agreed to buy 39% of the East Mediterranean line. Bahri, through which gas is scheduled to be transported to Egypt, for $ 518 million.
The deal to transfer control of the 90-kilometer-long Eastern Mediterranean Sea Pipeline between Ashkelon in Israel and El Arish in Egypt is expected to be finalized in the next few days, Reuters quoted Delek as saying.
In a Tel Aviv Stock Exchange disclosure, Delek said the shares had already been transferred to buyers while the money was placed under credit, noting that there were no conditions left to close the deal.
"When the value of the deal is fully transferred to the sellers, which is expected to happen within days, the East Gas deal is virtually closed."
Pump gas soon
Israel's Lothian and Tamar gas partners agreed to sell $ 15 billion in gas for 10 years to a customer in Egypt, Dolphinus Holding, but the deal was amended last month to increase supplies by 34 percent to about 85 billion cubic meters of gas by an estimated 20 billion. Dollars.
Noble and Delek are partners in Lothian, which will begin production in the coming weeks, and in the Tamar field, both off Israel's Mediterranean coast.
"The completion of the East Gas deal marks the dawn of a new era for the Israeli energy market by moving Israel to the position of regional natural gas exporter. The Lothian project is proceeding according to schedule, and we expect to start pumping gas from Lothian before the end of the year," said Delek CEO Yossi Abu. .
Orient Gas owns 50%, while Delic Drilling and Noble each own 25%. The pipeline has a capacity of about 7 billion cubic meters per year and can be increased to about 9 billion cubic meters annually by installing additional systems.