Gas Subsidiaries Update

The following updates are based on information released by Delek Group gas subsidiaries, Delek Energy Systems Ltd., Avner Oil & Exploration L.P and Delek Drilling L.P. All financial and business information is given only for the convenience of the reader. The only official financial and business information, is that which is included in the officially published immediate reports and financial reports of Delek Group and its gas subsidiaries, to the Israeli Securities Authority and the Tel Aviv Stock Exchange, in Hebrew. In the event of any conflict between financial and business information given on this site and the Hebrew published immediate reports, the Hebrew published immediate reports shall prevail. More on Delek Group's disclaimer.

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Tamar Signs Two Deals worth an estimated total of $1.2bn
On January 9, 2012, two Take-or-Pay agreements for the supply of natural gas over 16 years were signed by the Tamar Partners. One of the agreements was with Ramat Negev Energy Ltd. to supply up to approximately 0.22 BCM per year, and the second was with Ashdod Energy Ltd. to provide up to approximately 0.11 BCM per year. In each agreement the gas price is calculated according to a formula based on electricity production rate as determined time to time by the Public Utility and Electricity Authority and includes a "floor rate". The supply is expected to start in the second half of 2014. The agreements are subject to a number of closing conditions.
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