JERUSALEM, March 30 Israeli energy conglomerate
Delek Group reported a wider quarterly profit,
boosted by the sale of two natural gas sites and higher income
from its exploration and production operations.
Delek said on Thursday it earned 375 million shekels ($104
million) in the fourth quarter, up from 54 million a year
Delek, through its subsidiaries, has major shares in the
Tamar and Leviathan gas fields off Israel's coast. Profit from
exploration and production was 119 million shekels in the
quarter, compared with 58 million in the same period in 2015.
It said it produced a record 9.4 billion cubic metres of
natural gas at Tamar in the quarter, reaching peak production
after four years.
During the quarter, it sold its stakes in the Karish and
Tanin gas fields as mandated by the government to sell off some
assets in a bid to open the sector to competition. The $148
million sale led to a gain of 253 million shekels, Delek said.
It expects production at Leviathan to begin by the end of
2019. The project's partners have budgeted $3.75 billion for its
Delek declared a dividend of 200 million shekels, or 16.69
shekels a share, for the quarter.
($1 = 3.6176 shekels)
(Reporting by Steven Scheer)