Yam Tethys Partners to Supply More Gas to IEC
Tel Aviv-based The Delek Group said that its subsidiary Delek Drillings - Limited Partnership and Avner Oil Exploration - Limited Partnership on Tuesday signed an amendment to their gas sale and purchase agreement with the Israel Electricity Company (IEC) under the Yam Tethys project. Under the amendment, IEC will be supplied with additional quantities of natural gas. Aside from Delek and Avner, other Yam Tethys partners signing the amendmen included Nobel Energy Mediterranean Ltd and another Delek subsidiary--Delek Investments and Properties Ltd.
According to the amendment to the agreement, the partners in the Yam Tethys project gave IEC an option to purchase additional quantities of natural gas, mainly in order to provide a solution for the gas demand at the electricity company's peak times. The aforementioned option stands for a period up until the end of 2007 and relates to quantities of additional gas that were purchased starting from July 2006. The purchase price of this additional gas under the amendment to the agreement is higher than the price that the electricity company purchases natural gas under the existing gas sale and purchase agreement.
The Delek Group is one of the leading and most prominent and dynamic investment groups in Israel. It is diversified into the following three major subsidiaries:
--Delek Petroleum, with its two subsidiaries: Delek Israel, a gasoline and lubricants distributor in Israel, and Delek USA, which operates gas stations and convenience stores and an oil refinery in Southern United States.
--Delek Investments and Properties, a holding company with subsidiaries in the energy, infrastructure, automotive, finance and media sectors.
--Delek Real Estate, through its subsidiaries Dankner and Delek Belron Investments, owns and manages prime global real-estate investments.
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