Page 17 - MEOG Week 21

MEOG
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MEOG
ComPanIes
Delek to sell partial rights in Karish and Tanin
On Monday the delek Group announced that it had signed together with delek Energy Systems Ltd an agreement with a third party for the sale of the rights of the Company
and delek Energy to royalties regarding 26.4705% (out of 100%) of the rights in Lease I/17 “Karish” and Lease I/16 “Tanin”, held by Energean Israel Ltd, for oil and/or gas and/ or other valuable materials produced and processed at the leases (not including the rights to royalties of delek drilling Limited Partnership).
The consideration in the agreement is set at NIS 318,000,000 plus VAT as required in law that will be paid in cash to the Sellers on the date of registration of the Right to Royalties in the Oil Registry in the name of the Purchaser.
The consideration will be divided between the Company and delek Energy according
to their percentage holdings in the Right to Royalties (25% to the Company, 75% to delek Energy).
After signing of the agreement the Purchaser was to deposit with a joint trustee for the parties a monetary deposit of NIS 50 million. The deposit will serve as part of the consideration that will be paid in cash to the Company and delek Energy upon completion of the transaction.
According to the law, the transaction
is subject to obtaining approval from the Petroleum Commissioner at the Ministry of Energy.
deleK GrouP
oIl
Rouhani urges completion of unfinished oil projects
Iranian President Hassan Rouhani, in a phone conversation with Oil Minister Bijan Namdar Zanganeh, stressed the need for accelerating the completion of the oil industry’s semi- finished projects, Shana reported.
As reported, during the conversation, Zanganeh reported on the progress of priority projects in the oil industry, including South Pars projects, Jask oil terminal project, and the 1,000-kilometer Gore-Jask pipeline, as well
as petrochemical projects and West Karun development projects.
After hearing the oil minister’s report, Rouhani pointed to the direct impact of
this sector’s performance on the realization of the “Surge in Production” motto and
said: “We must try to implement all the industry’s projects, especially in the field of petrochemicals, as soon as possible using the power and capacities of our experts.”
Mentioning the fact that the country’s oil, gas and petrochemical industries suffered the least damage from the coronavirus outbreak, the president thanked all the employees, engineers and workers of the oil industry who have been present in their fields of work in recent months, despite the difficult conditions caused by the pandemic, and have tried their best to serve the country and the people.
The current Iranian calendar year (started on March 20) has been called the year of “Surge in Production” by the Leader of the Islamic Republic of Iran Seyed Ali Khamenei.
Earlier this month, Zanganeh said that the coronavirus outbreak did not have a negative
impact on oil production in the country. Elaborating on the Oil Ministry’s measures
for containing coronavirus, the official noted that the ministry has made serious efforts to prevent any stoppage in the oil production while protecting the workforce.
He added that all activities of the oil industry have been resumed.
Back in March, Zanganeh and Head of National Iranian Oil Company (NIOC) Masoud Karbasian had discussed necessary measures for containing the coronavirus in the Iranian oil industry’s operational areas.
In the meeting the oil minister also discussed ways of preventing the spread of coronavirus in the oil, gas, refining and petrochemical operational areas with his deputies and managers of operating companies via videoconference.
tehran tImes
Gas
Iran to stop exporting condensates
Iran reportedly has plans to stop exporting gas condensates. It would instead refine the volumes domestically to produce gasoline and naphtha, according to an interview with the country’s oil minister Bijan Zanganeh.
Speaking on state radio on May 25, Zanganeh said the plan was to add value
to the light hydrocarbons. The exports of condensates would be brought to a halt during the current Iranian year that ends in March 2021.”
All these gas condensates will be refined in the Persian Gulf Star and Siraf refineries ... to
Week 21 27•May•2020
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