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 Contract worth estimated total of $750m

On January 25, 2012, Take-or-Pay agreement for the supply of natural gas over 15 years was signed by the Tamar Partners with Paper Hadera Ltd. to supply up to a total approximate quantity of 3.3 BCM. The quantity supplied is subject to be reduced in case Paper Hadera does not build an intended power plant. In the 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 2013. The agreement is subject to a number of closing conditions. For more information please see the immediate reports as published on TASE.

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