Page 13 - MEOG Week 14 2021

MEOG NEWS IN BRIEF MEOG

and green energy into its portfolio. Drilling nor Cairn responded to requests for a 25% stake from Noble Energy and is the
The company will go back to the market comment. operating partner. Other partners include the
towards the second half of the year with a The sources said Cairn’s offer represented a Israeli companies Isramco (28.75%), Tamar
potential debt issuance of $500m to $1bn, Mr $100 million premium over its assessed value. Petroleum (1675%), Dor Gas (4%) and Everest
Attiga told Bloomberg TV in an interview on Delek Drilling shares ended up 2.9% at 5.17 (3.5%). Delek Drilling also has a 45.3% stake
Tuesday. shekels ($1.55) in Tel Aviv Stock Exchange in Leviathan.
Apicorp’s balance sheet grew 7.5 per cent trading, capping a 40% increase over the last HAARETZ
to $7.89bn in 2020, which is 5 per cent higher three months.
in terms of compounded annual growth Cairn was awarded oil and gas exploration
registered over the past five years. rights in 2019 for eight areas in Israeli GAS
The bank’s liquidity ratio reached its economic waters in partnership with
highest-ever at 349 per cent. the Israeli company Ratio and the Greek Siemens ships compression
Apicorp also raised its authorised capital company Pharos Energy. A leading European
to $20bn from $2.4bn. Subscribed capital was independent oil and gas exploration and train to Aramco project
also increased to $10bn from $2bn, while development companies and listed on the
paid-up capital was boosted by $500m to London Stock Exchange, Cairn is serving as Siemens Energy has shipped the first of 20
$1.5bn. The company’s callable capital also the operating partner. locally assembled centrifugal compressor
rose to $8.5bn from $1bn. Originally focused on Bangladesh and systems to Aramco’s Hawiyah Unayzah Gas
Corporate banking assets rose 6 per India, the company has more recently Reservoir Storage (HUGRS) project.
cent to reach $3.9bn booking 1.6 billion in entered into Africa and the Middle East. Last The HUGRS project, located 162 miles
drawdowns over the course of 2020. month, it announced it had agreed to buy (260 kilometers) east of Saudi Arabia’s capital,
Notably, 6 of the 11 project finance 50% of a portfolio of oil and gas production, Riyadh, includes a gas injection facility
commitments in 2020 were in green energy development and exploration interests from that will enable the Kingdom to produce
or within the category of sustainable utility Shell in Egypt’s Western Desert for a price additional gas during the seasonal demand.
projects, Apicorp said. that could reach as much as $926 million. The Siemens Energy received the order
They were part of the $500m package other half is being acquired by Cairn’s partner for the compressors from Samsung
Apicorp launched last year support regional company, Chevron. Engineering, which was awarded the
energy sector navigate the impact of Covid-19 Cairn’s market cap on the LSE is about 847 engineering, procurement, and construction
as well as oil price volatility. million pounds ($1.2 billion). The company (EPC) contract for the entire project. Ten
The bank’s non-performing loan ratio was had $570 million in cash on its books as of compression trains will be built for the
low at 0.59 per cent. the end of 2020, which means that if it does injection portion of the plant, and another
The NATIONAL go through with the Tamar acquisition the ten compression trains will be used for the
company will have to enlist partners or raise reproduction portion of the plant.
Cairn in talks to buy Delek’s capital. Sources told TheMarker that Cairn at the Siemens Energy Dammam Hub, in line
The compressor trains are being assembled
would likely join up with U.S. investment
stake in Tamar funds to complete the deal. with the company’s commitment to Aramco’s
Delek Drilling is under orders to sell the
In-Kingdom Total Value Add program.
Delek Drilling, a unit of Yitzhak Tshuva’s Tamar stake by the middle of December as “We are very proud of our local workforce
Delek Group, is in talks to sell its 22% stake in part of a government effort to ensure more at our Siemens Energy Dammam Hub who
the Tamar natural gas field to Scotland’s Cairn competition in the natural gas industry, which were able to deliver the first compressor train
Energy for $1.1 billion, sources close to the is dominated today by Delek and Chevron. in a timely manner despite difficulties brought
sale process said on Monday. Cairn appears to be the most likely buyer after by the COVID-19 pandemic,” said Mahmoud
The sale comes as Delek faces an end-of- other prospective buyers that examined the Sulaimani, Managing Director of Siemens
the-year deadline to sell the stake as required possibility and rejected it. Energy Saudi Arabia.
under the terms of the natural gas framework The biggest partner in the Tamar field – SIEMENS
agreement reached between the gas monopoly Israel’s second-largest after Leviathan – are the
and the government in 2015. Neither Delek U.S. energy giant Chevron, which acquired

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