August 29, 2019 / 9:23 AM / 19 days ago

Israeli energy firm Delek Q2 net profit up 12%

TEL AVIV, Aug 29 (Reuters) - Energy conglomerate Delek Group reported on Thursday higher second-quarter net profit, boosted by its fuel operations in Israel and North Sea exploration and production activities.

Delek posted net profit of 190 million shekels ($54 million)in the quarter, up from 170 million shekels the previous year, with exploration and production contributing 85 million shekels.

Quarterly revenue rose to 2.1 billion shekels from 2.07 billion, boosted by fuel retail sales.

In the coming months, Delek will complete the sale of its Phoenix insurance subsidiary for 1.64 billion shekels, begin gas production at the Leviathan field, and acquire Chevron’s North Sea assets, CEO Asaf Bartfeld said.

“These will strengthen the group’s financial position and cash flow, and increase the potential for returns to shareholders,” he said.

Sales from the Tamar gas field slipped in the quarter to 2.4 billion cubic meters from 2.6 BCM.

The development of Leviathan is 90% complete and remains on schedule for first gas to be delivered by the end of 2019, Delek said. The acquisition of the EMG subsea gas pipeline is expected to be completed by the end of September, paving the way for gas exports to Egypt to begin in the fourth quarter. ($1 = 3.5078 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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