DOCSLIB.ORG

Tamar Petroleum Ltd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Tamar Petroleum Ltd. Annual Report 2018 Table of Contents Chapter A Description of the Company's Business Chapter B Board of Directors Report for the year ended December 31, 2018 Chapter C Financial Statements as of December 31, 2018 Chapter D Additional Details regarding the Company Chapter E Annual Report on Effectiveness of Internal Control over Financial Reporting and Disclosure Tamar Petroleum Ltd. Chapter A Description of the Company's Business A-1 This report is a translation of Tamar Petroleum Ltd.'s Hebrew-language Description of the Company's Business, and is prepared solely for convenience purposes. Please note that the Hebrew version constitutes the binding version, and in the event of any discrepancy, the Hebrew version shall prevail. Chapter A – Description of the Company's Business 1. Description of the General Development of the Company’s Business1 1.1 Tamar Petroleum Ltd. (the "Company") was incorporated on November 4, 2015 as a private company limited by shares under the Companies Law, 5759-1999 (the "Companies Law"). The Company’s name was changed to its current name on May 21, 2017. 1.2 Pursuant to Israeli Government Resolution No. 476 from August 16, 2015 (which was readopted by the Government with certain changes on May 22, 2016) regarding "a framework for the increase of the natural gas quantity produced from the ‘Tamar’ natural gas field and the rapid development of the natural gas fields ‘Leviathan’, ‘Karish’ and ‘Tanin’ and other natural gas fields" (the "Framework" or the "Gas Framework"), the Company entered into an agreement with Delek Drilling LP ("Delek Drilling") on July 2, 2017 (the "Sale Agreement with Delek Drilling"), whereby the Company acquired from Delek Drilling on July 20, 2017, retroactively effective from July 1, 2017, a 9.25% working interest (out of 100%) in the I/12 "Tamar" and I/13 "Dalit" leases (the "Tamar and Dalit Leases"), subject to the existing obligations of payment of overriding royalties to related parties and to third parties (the "Royalties" and the "Royalty Holders", respectively) as well as the proportionate share (9.25%) of the rights and obligations under the Joint Operating Agreement, the agreements for the sale of gas from the Tamar Lease, the agreement for the use of the Yam Tethys Project facilities, the shares of Tamar 10 Inch Ltd, the operating permit for the Tamar Platform, and the permits for export from Tamar (the "Rights Acquired from Delek Drilling"), for the consideration of USD 845 million in cash (of which USD 650 million was funded by the Company's initial public offering of bonds (Series A) and the remaining USD 195 million by the Company's initial public offering of ordinary shares of NIS 0.1 par value each ("Ordinary Shares") and the allotment of 19,900,000 ordinary shares of the Company to Delek Drilling. Under an irrevocable letter of waiver provided by Delek Drilling to the Company, which took effect upon completion of the issuance of the shares, Delek Drilling unilaterally waived all the 1 For definitions of some of the professional terms included in this chapter, see the Professional Terms Annex at the end of this chapter. A-2 voting rights attached to all of the shares held by it, except in respect of shares in an amount equal to up to 12% of the Company's issued and paid up share capital (the "Excess Shares")2. For details regarding the Gas Framework see Section 7.16.1 below. For further details regarding the Sale Agreement with Delek Drilling see Section 7.17.1 below. 1.3 Until the acquisition date of the Rights Acquired from Delek Drilling, the Company was inactive, and wholly owned and controlled by Delek Drilling. 1.4 The Company's Series A Bonds started trading on the Tel Aviv Stock Exchange Ltd. (the "TASE") on July 10, 2017, and the Company became a reporting company, within its meaning in the Securities Law, 5728-1968 (the "Securities Law"). The Company's Ordinary Shares started trading on the TASE on July 24, 2017, and the Company became a publicly traded company within its meaning in the Companies Law. 1.5 Pursuant to the Gas Framework, the Company entered into an agreement with Noble Energy Mediterranean Ltd. ("Noble") on January 29, 2018, whereby the Company acquired from Noble on March 14, 2018, retroactively effective from January 1, 2018, a 7.5% working interest (out of 100%) in the Tamar and Dalit Leases and a pro rata share (7.5%) of the rights and obligations under the Joint Operating Agreement, the agreements for the sale of gas from the Tamar Lease, the agreement for the use of the Yam Tethys Project facilities, the shares of Tamar 10 Inch Ltd., the operating permit for the Tamar Platform, and permits for export from Tamar (the "Rights Acquired from Noble"), for the consideration of USD 475 million in cash (funded by a first issuance of Bonds (Series B)) and a private placement of 38,495,576 ordinary shares of the Company to Noble (accounting for 43.5% of the Company's issued share capital) (hereinafter: the "Sale Agreement with Noble"). Prior to the said private placement date, Noble provided the Company with an irrevocable letter of waiver, whereby it waives all the voting rights attached to all the shares allotted to it3. It should be noted that the Rights Acquired from Noble are identical to the Rights Acquired from Delek Drilling as stated in Section 1.2 above, except for the commitment to pay overriding royalties to interested parties and third parties that applies to the Rights Acquired from Delek Drilling, as set out in Section 7.19 below, but does not apply to the Rights Acquired from Noble. On October 2, 2018 and October 3, 2018, Noble sold all the shares allotted to it under the Sale Agreement with Noble. Following the sale of said shares, the voting rights attached to them came into full 2 For the avoidance of doubt, all of the capital rights attached to the shares held by Delek Drilling shall remain in full force and effect, including the right to receive dividends, bonus shares, rights, and the right to receive surplus assets upon the Company’s dissolution. In addition, Delek Drilling has undertaken to sell the Excess Shares first (which after being sold, will confer on the purchaser all of the rights attached thereto, including voting and equity rights as aforesaid), and it has also undertaken that as long as it has not sold the Excess Shares it will not purchase additional shares of the Company. 3 The letter of waiver signed by Noble is essentially similar to the one signed by Delek Drilling. A-3 force again. For further details regarding the Sale Agreement with Noble, see Section 7.17.2 below. 2. Operating Segment 2.1 In accordance with the Company's articles of association (the "Articles"), the Company shall only carry out operations of exploration, development, production and transport to the target markets with respect to the Tamar and Dalit Leases. It should be noted that the amendment of said provision is subject to approval by a general meeting of the Company’s shareholders to be adopted by special resolution.4,5 Accordingly, the Company's sole operating segment on the date of the report is operations of exploration, development, production and transport to the target markets with respect to the Tamar and Dalit Leases (the "operating segment"). 2.2 The Company is engaged in the sale of natural gas produced from the Tamar reservoir within the area of the Tamar Lease ("Tamar Project") to various customers, and primarily to the Israel Electric Corporation Ltd. ("IEC"), industrial customers, private electricity producers and natural gas marketing firms. The Company is also engaged in selling condensate produced from the Tamar Project to the Paz Ashdod Refinery ("PAR"), and in promoting the expansion of the production system of the Tamar Project. 2.3 In view of the limited demand for natural gas in the domestic market, and in light of the significant volume of resources found off the shores of the State of Israel, the Company, besides supplying the demand for natural gas in the domestic market, is working to supply some of the reserves for export to neighboring countries of Israel, as specified in Sections 7.4.2 and 7.4.5 below. Regarding restrictions on gas exports, see Section 7.16.1(c)(2) below. 4 A special resolution is a resolution passed by a 75% majority of those present and entitled to vote in the vote. This notwithstanding, during the period up to the end of five years from the date of the initial public offering of the Company's shares or up to the date at which Delek Drilling's stake in the Company's shares drops below 5% of the Company's issued and paid up share capital, whichever the earlier, amendment of this section shall require approval of the General Meeting of the Company's shareholders by a 95% majority of the Company's shareholders, unless the amendment of the section concerns the engagement in oil or gas exploration, development or production under a petroleum right or preliminary permit with a priority right to obtain a license, within the meaning of these terms in the Petroleum Law, 5712-1952, which is to be explicitly defined under the section on the Company's goals in the Articles of Association, in which case the amendment will require the approval of the General Meeting of the Company's shareholders by special resolution. 5 In addition, it should be noted that in accordance with the Deed of Trust for Series A Bonds (as published in the Company's Immediate Report from July 5, 2017, Ref.
Recommended publications
  • Natural Gas and Israel's Energy Future

    Natural Gas and Israel's Energy Future

    Environment, Energy, and Economic Development A RAND INFRASTRUCTURE, SAFETY, AND ENVIRONMENT PROGRAM THE ARTS This PDF document was made available CHILD POLICY from www.rand.org as a public service of CIVIL JUSTICE the RAND Corporation. EDUCATION ENERGY AND ENVIRONMENT Jump down to document6 HEALTH AND HEALTH CARE INTERNATIONAL AFFAIRS The RAND Corporation is a nonprofit NATIONAL SECURITY research organization providing POPULATION AND AGING PUBLIC SAFETY objective analysis and effective SCIENCE AND TECHNOLOGY solutions that address the challenges SUBSTANCE ABUSE facing the public and private sectors TERRORISM AND HOMELAND SECURITY around the world. TRANSPORTATION AND INFRASTRUCTURE Support RAND WORKFORCE AND WORKPLACE Purchase this document Browse Books & Publications Make a charitable contribution For More Information Visit RAND at www.rand.org Explore the RAND Environment, Energy, and Economic Development Program View document details Limited Electronic Distribution Rights This document and trademark(s) contained herein are protected by law as indicated in a notice appearing later in this work. This electronic representation of RAND intellectual property is provided for non-commercial use only. Unauthorized posting of RAND PDFs to a non-RAND Web site is prohibited. RAND PDFs are protected under copyright law. Permission is required from RAND to reproduce, or reuse in another form, any of our research documents for commercial use. For information on reprint and linking permissions, please see RAND Permissions. This product is part of the RAND Corporation monograph series. RAND monographs present major research findings that address the challenges facing the public and private sectors. All RAND mono- graphs undergo rigorous peer review to ensure high standards for research quality and objectivity.
  • Bluestar Israel Quarterly Update Q3 2013 Final.Pptx

    Bluestar Israel Quarterly Update Q3 2013 Final.Pptx

    BlueStar Israel Equity Update Third Quarter 2013 Q2 2013 in Review & Second Half 2013 Outlook What’s Inside Ø Global developed market equities pulled back slightly in Q2 2013 while U.S. stocks, as measured by the S&P 500 index, bucked the trend and posted a rise of 2.91%. Ø The BlueStar Israel Global Index was down by 95 bps in Q2 2013 while the MSCI Israel and TA-100 indexes were down 4.16% and 2.76%, respectively. 1. The BlueStar Ø Israeli consumer stocks, which are correlated with both domestic consumption as well as consumer spending in Israel’s export markets, lead Israeli Global Equities in Q2, while the Israel Global financial and energy stocks, which lead the Israeli Global Equity market’s rebound from the Index in Q1 2012 lows, consolidated. 2013 Ø The Israeli government decided on a 2013 and 2014 budget that will result in tax increases and spending cuts and the Shekel’s sharp appreciation versus the dollar and euro eased a bit. 2-5. About the Ø Mellanox Technologies announced it will delist its shares from the Tel Aviv Stock Exchange and the TASE’s bid to be included in MSCI’s European regional indexes was declined. Both BlueStar Israel events sparked concern about the future of the local exchange. Also, Israeli corporate Global Index pyramids come under attack by The Committee on Increasing Competitiveness in the Economy and the Business Concentration Law. (including Risk/ Ø The Energy sector is asserting itself as a major player in the Israeli economy, natural gas Return Data) reserve estimates and oil estimates are rising, and the government has decided upon an export strategy, clearing up uncertainty and removing some of the risk factors associated with investing in that sector.
  • Israel Electric Corporation Strategic Aspects Overview

    Israel Electric Corporation Strategic Aspects Overview

    IsraelIsrael ElectricElectric CorporationCorporation StrategicStrategic AspectsAspects OverviewOverview NovemberNovember 20122012 TheThe ElectricityElectricity SectorSector inin IsraelIsrael 2 1919: Water utilization survey in the State of Israel initiated by Pinchas Rutenberg Pinchas Rutenberg: Founder of the Company “The sole and only interest of the Israel Electric Company is the economic development of the country based on pure business considerations.” 1926: Concession agreement Pinchas Rutenberg, 1926 from the British Crown 3 IsraelIsrael ElectricElectric CorporationCorporation SelectedSelected DataData Government company: 99.85% of the Company is owned by the Government. Installed capacity: 13,248 MW (~500MW self-generation/private). Peak demand: 11,920 MW on 19.7.2012. Annual budget: approximately NIS 32B MW(2012). Total employees: approximately 13,000 (of which some 9,800 have tenure). Total customers: over 2.5 million. 4 SpecialSpecial CharacteristicsCharacteristics ofof thethe ElectricityElectricity SectorSector Fast growth rate – which doubled in the last decade. A growth of 3%-4% is expected in the next decade. Low reserve compared with the electricity sectors in western countries (without the emergency plan and IPPs). “Electricity Island” – no backup or connection to any other source of electricity supply. Type of product: Product that cannot be stored Fluctuation in consumption and generation 5 TheThe ElectricityElectricity ChainChain Generation Transmission Distribution 63 Generation 400/161 KV 9 161 KV Approx. 190 High
  • Israel Electric Corporation

    Israel Electric Corporation

    Israel Electric Corporation (From Wikipedia, the free encyclopedia) Government-owned Corporation Address: P.O.B. 10, Haifa 31000 Telephone: 972-4-8182222 Fax: 972-4-8501850 Website: www.israel-electric.co.il IEC headquarters in Haifa, Israel abbreviation: IEC) is the , לישראל חברת החשמל :Israel Electric Corporation (Hebrew main supplier of electrical power in Israel. IEC builds, maintains and operates power generation stations, sub-stations, as well as the transmission and distribution networks. The company is the sole integrated electric utility in the State of Israel and generates, transmits and distributes substantially all the electricity used in the State of Israel. The State of Israel owns approximately 99.85% of the Company. The Company was incorporated in mandatory Palestine on March 29, 1923, with its main object to produce, supply, distribute and sell electricity to the consumers. Israel Electric Corp. was first registered under the name "The Palestine Electricity, Corporation Limited", which was changed in the year 1961 to its present name "The Israel Electric Corporation Limited". The IEC is one of the largest industrial companies in Israel, owning and operating 17 power stations sites (including 5 major thermal power stations) with an aggregate installed generating capacity of 10,899 MW. In 2006, the Company sold 46,175 GWh, of electricity. To meet projected future electricity demand, the Company's capital investment program provides for the addition of 2,578 MW of installed capacity by the end of 2011. The company has over 12,000 employees and provides electricity and services to 2.4 million households. The Orot Rabin power station owned by the IEC has Israel's tallest structure, a chimney, standing at 300m, while Tel Aviv's distinctive Reading Power Station was one of its earliest.
  • Delek Group Economic Interest 14.44%

    Delek Group Economic Interest 14.44%

    Flow of Natural Gas from Tamar Field Restarted Tel Aviv, September 27, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that attached is an Immediate Report published by Delek Drilling Limited Partnership (“the Partnership”) concerning the restart of the flow of natural gas from the Tamar field. Further to what was stated in the Partnership’s Immediate Report dated September 23, 2017 concerning locating a crack in the exhaust pipe used on the Tamar platform to release natural gas and pressure both in normal and emergency times (“the Fault”) while Noble Energy Mediterranean Ltd (“the Operator”) was carrying out upgrade and improvement works on the Tamar platform, the Partnership announces that this morning the flow of natural gas was recommenced from the Tamar field after the Operator had completed the repair of the fault yesterday. It should be noted that the Operator is continuing to carry out the planned upgrade works. It should also be noted, according to the Partnership’s estimates, that the costs of repair of the Fault and its impact on the Partnership’s revenues from sales of natural gas are not material, as detailed in the Immediate Report of September 23, 2017. Partners in the Tamar Project and their percentage holdings: Noble Energy Mediterranean Ltd 32.50% Isramco Negev 2, Limited Partnership 28.75% Delek Drilling Limited Partnership 22.00% Tamar Petroleum Ltd 9.25% Dor Gas Exploration Limited Partnership 4.00% Everest Infrastructure Limited Partnership 3.50% Delek Group economic interest 14.44% This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on September 27, 2017.
  • A Shaping Factor for Regional Stability in the Eastern Mediterranean?

    A Shaping Factor for Regional Stability in the Eastern Mediterranean?

    DIRECTORATE-GENERAL FOR EXTERNAL POLICIES POLICY DEPARTMENT STUDY Energy: a shaping factor for regional stability in the Eastern Mediterranean? ABSTRACT Since 2010 the Eastern Mediterranean region has become a hotspot of international energy discussions due to a series of gas discoveries in the offshore of Israel, Cyprus and Egypt. To exploit this gas potential, a number of export options have progressively been discussed, alongside new regional cooperation scenarios. Hopes have also been expressed about the potential role of new gas discoveries in strengthening not only the regional energy cooperation, but also the overall regional economic and political stability. However, initial expectations largely cooled down over time, particularly due to delays in investment decision in Israel and the downward revision of gas resources in Cyprus. These developments even raised scepticism about the idea of the Eastern Mediterranean becoming a sizeable gas- exporting region. But initial expectations were revived in 2015, after the discovery of the large Zohr gas field in offshore Egypt. Considering its large size, this discovery has reshaped the regional gas outlook, and has also raised new regional cooperation prospects. However, multiple lines of conflict in the region continue to make future Eastern Mediterranean gas activities a major geopolitical issue. This study seeks to provide a comprehensive analysis of all these developments, with the ultimate aim of assessing the realistic implications of regional gas discoveries for both Eastern Mediterranean countries and the EU. EP/EXPO/B/AFET/2016/03 EN June 2017 - PE578.044 © European Union, 2017 Policy Department, Directorate-General for External Policies This paper was requested by the European Parliament's Committee on Foreign Affairs.
  • State of Illinois State Universities Retirement System

    State of Illinois State Universities Retirement System

    State of Illinois State Universities Retirement System Compliance Examination For the Year Ended June 30, 2018 Performed as Special Assistant Auditors for the Auditor General, State of Illinois State Universities Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2018 Table of Contents Schedule Page(s) State Universities Retirement System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control Over Compliance, and on Supplementary Information for State Compliance Purposes 5 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 9 Schedule of Findings Current Findings – State Compliance 11 Prior Findings Not Repeated 14 Financial Statement Report The System’s financial statement report for the year ended June 30, 2018, which includes the Independent Auditor’s Report, Management Discussion and Analysis, Basic Financial Statements and Notes to the Basic Financial Statements, Required Supplementary Information Other than Management Discussion and Analysis, Supplementary Information, and the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Basic Financial Statements performed in accordance with Government Auditing Standards has been issued separately. Supplementary Information for
  • Towards a New Eastern Mediterranean Energy Corridor?

    Towards a New Eastern Mediterranean Energy Corridor?

    The rise of Turkey and the new Mediterranean Research programme TOWARDS A NEW EASTERN MEDITERRANEAN ENERGY CORRIDOR? Natural gas developments between market opportunities and geopolitical risks by Simone Tagliapietra (Fondazione Eni Enrico Mattei) Keywords: Eastern Mediterranean / Natural gas / Energy geopolitics / Turkey / Israel / Egypt / Cyprus / Lebanon / European Union / Security of Gas Supply / Energy security / The rise of Turkey and the new Mediterranean Research programme Introduction The politics and economics of eastern Mediterranean energy are rapidly changing. The political transition in Egypt after the Arab Spring, the civil war in Syria, the emergence of Turkey as leading regional power, the tensions between Israel and Gaza, the repeated strains between Turkey and Israel and the never-ending dispute between Turkey and the Republic of Cyprus are -all together- reshuffling the regional geopolitical equilibrium. At the same time natural gas findings are flourishing in the offshore of Egypt, Israel, and Cyprus, reshaping the regional energy map and rapidly making the eastern Mediterranean a world-class natural gas province. These geopolitical and energy pressures are rapidly converging, generating a number of new challenges and opportunities for each player in the region. The aim of this paper is to provide a wide framework of understanding of this situation, through the lens of natural gas geopolitics. To this end, the paper will first provide an overview on the eastern Mediterranean natural gas market, also illustrating the most important project of natural gas cooperation ever attempted in the region: the Arab Gas Network. Secondly, the paper will describe how the recent unilateral halt of Egyptian gas supplies to Israel and the interruption of the Arab Gas Pipeline in the aftermath of the Arab Spring ended the expectations of regional gas cooperation embodied by the Arab Gas Network project.
  • Tamar Petroleum Ltd

    Tamar Petroleum Ltd

    Tamar Petroleum Ltd. Financial Statements as of June 30, 2018 Table of Contents ▪ Description of the Company's Business ▪ Board of Directors' Report for the Period Ended June 30, 2018 ▪ Condensed Interim Financial Statements as of June 30, 2018 ▪ Proforma Condensed Interim Financial Statements as of June 30, 2018 on the transaction for Acquisition of 7.5% Working Interests in Tamar and Dalit Leases ▪ PPA This report is a translation of Tamar Petroleum Ltd.'s Hebrew-language Update to the Description of the Company's Business, and is prepared solely for convenience purposes. Please note that the Hebrew version constitutes the binding version, and in the event of any discrepancy, the Hebrew version shall prevail. Tamar Petroleum Ltd. ("the Company")1 Chapter A – Update to the Description of the Company's Business 1. Section 7.2.10(a) to the Annual Report - actual rate of participation in the expenses and revenues of the Tamar Project On June 17, 2018, Delek Energy Systems Ltd. ("Delek Energy") and Delek Royalties (2012) Ltd. ("Delek Royalties") informed the Company that Delek Energy's right to receive its share of the royalties paid to the Company in respect of oil and/or gas and/or other valuable substances produced by the I/12 "Tamar" and I/13 "Dalit" leases ("the leases") in respect of its 9.25% interests in the leases has been assigned and transferred to Delek Royalties, without effecting any changes to the right to royalties or its terms and without impairing any other right and/or argument that is held and/or will be held by the Company towards Delek Energy and/or towards Delek Royalties pursuant to applicable law and/or any right that would have been conferred thereto had it not been for the above assignment, including a right of recovery and/or offset towards Delek Energy and/or Delek Royalties.
  • Israeli Catalyst Census Report Was Written and Edited in Accordance with the Research Methods and Professional Advice of Catalyst Inc

    Israeli Catalyst Census Report Was Written and Edited in Accordance with the Research Methods and Professional Advice of Catalyst Inc

    The Strauss Group and the Israel Women's Network are proud to present: THE ISRAELI CATALYST REPORT WOMEN LEADING BUSINESS The Third Israeli Census Report 2012 Women's Representation in the TA-100 Companies March 2013 Diversity is an Opportunity Table of Contents Foreword 3 Executive summary 4 Part A: The 2012 Catalyst Census 1. Main findings – the 2012 Catalyst Census on women's representation in TA-100 companies 5 2. Introduction 8 3. Background, goals and methodology 9 4. Detailed findings – women on boards of directors 10 4.1 Women on boards of directors 10 4.2 Chairperson of the board positions held by women 11 4.3 Companies according to the number of women on the board of directors 11 4.4 Membership of more than one board of directors – gender comparison 12 4.5 Women on the board of directors by industry 13 4.6 International comparison – women on boards of directors 14 4.7 International comparison – companies with at least one woman on the board of directors 15 4.8 Summary – women on boards of directors 15 5. Detailed findings – women in top executive positions 16 5.1 Women in top executiVe positions 16 5.2 Chief ExecutiVe Officer positions held by women 16 5.3 Companies according to the number of women in top executiVe positions 17 5.4 Women in top executiVe positions by industry 18 5.5 International comparison – women in top executiVe positions 19 6. Annexes 19 6.1 Census size 19 6.2 2011 Census data for comparison: ranking of companies with 25% and more of women on the board of directors and in management 20 Part B: Accompanying research – the Talent Index 1.
  • Israel's Energy Potential

    Israel's Energy Potential

    MEI Policy Focus 2016-20 Israel’s Energy Potential: Securing the Future Michael Hochberg Middle East Institute Policy Focus Series August 2016 Having finally cleared the major regulatory hurdles, once-energy-poor Israel is closer than ever to developing and exploiting its vast natural gas reserves. With natural gas projected to provide 68 percent of Israel’s electricity generation by 2040, Israel could fortify its domestic economy, enhance its national security, and transform the energy order and economic ties of the Eastern Mediterranean and beyond. Israel is also poised to become a key energy exporter to its neighbors. However, if Israel seeks the large windfall gains that gas exports would bring, it must overcome geopolitics and maximize the potential for mutual gain in an increasingly convoluted web of regional relationships. Key Points ♦ From 2004 to 2010, natural gas use as a fuel source in the country grew from almost non-existent to 40 percent of electricity generation ♦ Israel is projected to earn $20 billion from gas royalties and taxes by 2026, according to Noble Energy ♦ Israeli civil society lobbying for tighter gas sector regulations has resulted in significant changes to ensure that more revenue goes to the state, and that the nation’s natural gas sector enjoys more competition ♦ Jordan, Egypt, and Turkey are the most probable candidates to receive Israel’s first gas exports, but anti-Israel public sentiment will be a major obstacle for future energy deals ♦ The speed of verdict in resolving the stability clause issue, one of Israel’s most consequential regulatory challenges of the last decade, represents a major win for Israel in terms of boosting investor confidence and paving the way for future gas exploration off Israel’s shores Michael Hochberg Michael Hochberg is Introduction an analyst in the Global Energy & Utilities ith the recent approval of Israel’s practice of PA Consulting natural gas regulatory framework, Group, a London-based W management consulting the once-energy-poor state is now one step firm.
  • Financial Statements Unaudited As of September 30, 2017

    Financial Statements Unaudited As of September 30, 2017

    Delek Group | FINANCIAL STATEMENTS STATEMENTS | FINANCIAL UNAUDITED AS OF SEPTEMBER 30, 2017 UNAUDITED FINANCIAL STATEMENTS AnnualUNAUDITED Report 2013 AS OF SEPTEMBER 30, 2017 Annual Report 2013 Official Sponsor of the Israeli Delegation to the Olympic Games, Rio 2016 Delek Group Ltd 19 Abba Eban Blvd, P.O. Box 2054, Herzliya 4612001, Israel Tel: 972 9 8638444, Fax: 972 9 8854955 www.delek-group.com WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Official Sponsor of the Israeli Delegation to the Olympic Games, Rio 2016 IMPORTANT This document is an unofficial translation for convenience only of the Hebrew original of September 30, 2017 financial report of Delek Group Ltd. that was submitted to the Tel-Aviv Stock Exchange and the Israeli Securities Authority on November 29, 2017. The Hebrew version submitted to the TASE and the Israeli Securities Authority shall be the sole binding legal version. WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf FINANCIAL STATEMENTS UNAUDITED AS OF SEPTEMBER 30, 2017 Table of Contents Chapter A | Corporate Description Chapter B | Board of Directors Report on the State of the Company’s Affairs Chapter C | Financial Statements Chapter D | Report on the Effectiveness of Internal Controls for Financial Reporting and Disclosure WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Chapter A Corporate Description WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Update of Chapter A (Description of the Company’s Business) to the Board of Directors’ Report of the Delek Group Ltd. (“The Company”) for 20161 Part One – Description of the General Development of the Company's Business: Referring to Section 1.3 of the Periodic Report - Investments in Company Equity Subsequent to the financial position statement date, on October 24, 2017, the Company's Board of Directors decided to buy back up to NIS 100 million in Company shares in the period up to December 31, 2017.