Delek Seeks to Raise $300 Million Ahead of Ithaca IPO

Move comes after purchasing most of Chevron’s British North Sea oil and gas fields for $2 billion

The foundation platform of Leviathan natural gas field, off the coast of Haifa, January 31, 2019.
\ POOL New/ REUTERS

Israel’s Delek Group said on Monday it was in talks with a range of investors to raise up to $300 million ahead of a planned listing of its Ithaca Energy business.

Delek said it was negotiating with investment funds, trading companies and international financial institutions to make a capital investment against an allocation of shares in Ithaca.

In May, Delek moved closer to a listing of Ithaca when it bought out most of Chevron’s British North Sea oil and gas fields for $2 billion.

In a regulatory filing in Tel Aviv, Delek also said that along with Ithaca, it was in talks to sign oil and gas marketing agreements for three years and receive payments of up to $150 million from international trading firms.