Companies & Finance

Delek boosts Q3 profits with Tamar stake sale

Israeli conglomerate Delek Group announced record Q3 profits, supported by the sale of a stake in the Tamar gas project.
By Staff reporter 30 November 2017 0 28622

Israeli conglomerate Delek Group announced record Q3 profits on Wednesday, supported by the sale of a 9.25% stake in the Tamar gas project.

The company earned $291 million in Q3, up by $85 million from the same period in 2016.

The sale of a stake in the Tamar project resulted in a profit of ILS 873 million ($249 million).

Delek retains a 22% share in the field, which the company is committed to selling by the end of 2021.

The Tamar field was discovered in 2009 and started production...