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4-Traders Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  Paz Oil Company Ltd    PZOL   IL0011000077

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Israel's Tamar Partners Sign $700 Million Contract With Paz Oil

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04/02/2012 | 05:31pm CET

The partners in Israel's offshore Tamar natural gas field said Monday they have signed a supply contract worth $700 million with Paz Oil Co. Ltd. (>> Paz Oil Company Ltd.).

The contract calls for the Tamar partners to supply 3.12 billion cubic meters of natural gas over 15 years to Paz, which operates an oil refinery in Ashdod and filling stations around Israel. Paz said it will use the natural gas to run two power plants for its oil refinery.

The main partners in Tamar include Delek Group Ltd. (>> Delek Group Ltd.) subsidiaries Avner Oil Exploration (AVNR.L.TV) and Delek Drilling LP (DEDR.L.TV) and Houston-based Noble Energy Inc. (NBL).

Tamar is expected to begin production next year. Its partners recently announced that the estimated amount of natural gas in Tamar has been increased to 9.7 trillion cubic feet from 9 trillion cubic feet.

The Tamar partners have already signed several supply contracts, including one worth $15 billion with state-owned Israel Electric Co.

At 1459 GMT, shares of Paz were up 4.50 shekels ($1.21), or 0.91%, at ILS500.50; shares of Avner were up ILS0.018, or 0.71%, at ILS2.563; and shares of Delek Drilling were up ILS0.07, or 0.50%, at ILS14.21, in a higher Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com

Stocks mentioned in the article : Paz Oil Company Ltd., Delek Group Ltd.
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Number of Analysts 0
Average target price 655  ILS
Spread / Average Target 12%
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Yona Fogel Chief Executive Officer
Uri Kahalon Vice President-Operations & Real Estate
Sharona Novak Chief Financial Officer
Moshe Sabag VP-Human Capital, IT & Administration
Yitzhak Ezer Director
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