June 8, 2020 / 10:07 AM / a month ago

Israel's Delek says unloading 1.1 billion shekels in assets

JERUSALEM (Reuters) - Israeli conglomerate Delek Group (DLEKG.TA) said on Monday it finalized the sale of a fuel storage and distribution unit and signed a non-binding deal to sell two power stations for a total amount of 1.1 billion shekels ($318 million).

Delek has been hard hit by the coronavirus outbreak and drop in global oil prices and has been selling assets to raise funds.

The company said in a regulatory filing it signed a memorandum of understanding with Refek Energy for the sale of two power stations totaling 367.5 million shekels.

It also said it finalized a deal announced last month for the sale of fuel unit Pi Gelilot, including the land on which fuel terminals are operated in the cities of Haifa, Ashdod, Beersheba and Jerusalem, to a third party for 720 million shekels.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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