Delek Group Ltd. (TASE: DLEKG) CEO Asi Bartfeld will replace Gideon Tadmor as CEO of subsidiary Delek Energy Systems Ltd. (TASE: DLEN). Sources inform ''Globes'' that the appointment is temporary, until Delek Energy is delisted from the TASE. Tadmor, who is identified with the company's gas discoveries, will move to Delek Energy's direct parent company, Delek Investments and Properties Ltd., where he will be responsible for the financing of the Tamar and Delek wells, establishing a natural gas export infrastructure, and expanding Delek's international energy operations.
Delek Drilling LP (TASE: DEDR.L) CEO Yossi Abu will assist Tadmor and run current drilling operations in Israeli and Cypriot waters as well as the sale of gas to customers. Tadmor will keep his posts as Delek Drilling chairman and CEO of its sister company Avner Oil and Gas LP (TASE: AVNR.L). Tadmor is a minority shareholder in Avner through Cohen Development & Industrial Buildings Ltd. (TASE: CDEV). Under his contract with Delek Group, Tadmor has the right to exercise his options for 4.5% of Delek Energy and sell them to Delek Group.
Tadmor is considered of the fathers of Israel's gas exploration industry, and the man who persuaded Noble Energy Inc. (NYSE: NBL) to enter the Israeli market and become a partner in the Noa, Mari B (Yam Tethys), Tamar, and Leviathan licenses. Gas was discovered at Noa in 1999, at Mari B in 2000, at Tamar in 2008, and at Levithan in 2010.
Tadmor's departure from Delek Energy comes as Delek Group is restructuring its energy business, which includes an offer to purchase for Delek Energy and delisting the company from the TASE. Delek Group currently owns 87% of Delek Energy and needs to buy 10% more in order to delist it.
Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2011
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