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Delek Drilling (TASE: DEDR) CEO Yossi Abu revealed right now that the corporate is in superior negotiations for offshore oil and fuel exploration licenses in Morocco. Abu mentioned that the corporate has recognized Morocco as a rustic with big potential each geologically and commercially. He added that Delek Drilling is in talks for licenses in each the Mediterranean and the Atlantic Ocean.
Abu mentioned that because the son of Moroccan immigrants to Israel he had been very moved to obtain a private letter from Morocco’s King Mohamed VI with an invite to function within the nation.
Abu mentioned, “Morocco is in an analogous scenario to Israel 15 years in the past. The nation has regulatory stability, big geological potential and a real want to shift from producing electrical energy from coal to producing it from fuel. We see issues there and I hope that quickly we will report on it.”
Abu was talking right now at a particular ceremony in Tel Aviv to rename Delek Drilling as NewMed Power. The occasion supplied a uncommon alternative to listen to from Yitzhak Tshuva, the controlling shareholder in NewMed’s guardian firm Delek Group Ltd. (TASE:DLEKG), which additionally has main North Sea oil and fuel reserves by its Ithaca Power unit.
Tshuva mentioned that over the previous decade the corporate had carried out the inconceivable by declaring eight pure fuel finds together with among the largest on this planet. “NewMed Power will put the State of Israel on the world power map. We’ve got modified the face of the Center East and constructed bridges of peace between the nations and their leaders – brotherhood and friendship. We’ve got shaped unprecedented cooperation between Israeli firms and organizations and corporations in Arab nations. We’ve got created a brand new geopolitical scenario that didn’t exist prior to now.
Tshuva continued, “Right now I let you know right here with my full perception that that is solely the beginning. I’ve little question that sooner or later NewMed expects nice successes. We are going to increase to the second stage of the Leviathan subject and deepen our regional cooperation with different nations, we are going to enter the liquefied fuel market and work to develop the Aphrodite subject – Cyprus’s first fuel discovery. We are going to increase drilling and manufacturing to new targets. We are going to spend money on technological developments and produce a few discount in greenhouse fuel emissions.”
Referring to Delek’s close to collapse at first of the Covid pandemic when power costs plunged, Tshuva informed traders, “Right now we will say proudly. Those that believed in Delek Group and stayed with us, profited large time.”
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Abu introduced NewMed’s future plans, which embody increasing fuel exports to Egypt through Jordan, as the corporate turns into extra built-in into the area. Final yr, Delek Drilling offered its 22% stake within the offshore Tamar fuel subject to Abu Dhabi’s state-owned Mubadala Petroleum for $1 billion.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 22, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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