Back to the complete issue
Monday, 12 November 2018

Delek to sign new gas import agreements with Egypt?

Delek to sign new gas import agreements with Egypt? “We signed agreements with EMG to supply gas to Egypt, and we believe that additional agreements will be signed for local needs and liquefaction facilities in Egypt,” Delek Group controlling shareholder Yitzhak Tshuva said on Sunday at an investors’ conference in Tel Aviv, according to Globes. He did not elaborate on the details on potential agreements with Egypt. Tamar and Leviathan partners Delek Group and Noble Energy bought in September a 39% stake in the East Mediterranean Gas (EMG) pipeline with Egyptian partner East Gas, with an eye to sell Tamar and Leviathan gas to Egypt through EMG. "We are headed for very significant and special year. 2019 will be the year in which we produce gas from Leviathan," he added. “Early in the fourth quarter of 2019, we will begin pumping gas from Leviathan to the Israeli economy and the neighboring countries,” said Delek Drilling CEO Yossi Abu.

What about capacity issues on deliveries? The positive tone set by Tshuva and Abu did not mention concerns noted last week by Bloomberg that Israel does not have the pipeline capacity to send gas to Egypt when the Leviathan field comes online. While both Delek and Noble said they were working on it, no concrete solution has been presented as of yet.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.