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Pipeline problems to delay Israel gas to Egypt until mid-year

Mar. 18, 2019 10:59 AM ETChevron Corporation (CVX) Stock, DELKY StockCVX, DELKYBy: Carl Surran, SA News Editor1 Comment
  • Egypt's oil minister says the country will begin receiving gas from Israel under a $15B deal near the middle of this year, after unexpected problems with the pipeline connecting the two countries delayed the start-up by several months.
  • Although the overall condition of the pipeline is good, U.S.-based Noble Energy (NBL +1.9%), Israel’s Delek Drilling (OTCPK:DGRLY) and Egyptian East Gas Co. reportedly found some components were missing or faulty while modifications and repairs would take longer than anticipated.
  • The companies are working to reverse the flow of the pipeline, which used to carry Egyptian gas to Israel.
  • Separately, Delek Drilling says it is considering listing its holdings in the Leviathan natural gas field on the London Stock Exchange as part of a corporate restructuring.

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