Delek Group gets another $100 million dividend from Ithaca unit | Reuters
Israel's Delek Group DLEKG.TA said on Tuesday that it received a $100 million dividend from its wholly owned Ithaca Energy unit that will be used to pay down a loan from BNP Paribas.
Delek Group, one of Israel’s largest conglomerates, has been hard hit by the coronavirus outbreak and drop in global oil prices. It has been selling assets to raise funds to pay its lenders and bondholders.
Ithaca, a British North Sea oil and gas producer, in late 2019 bought Chevron's CVX.N North Sea oil and gas fields for $2 billion.
Delek received an initial dividend of $20 million from Ithaca in May. Tuesday’s dividend brings the total payout for 2020 to $120 million, well above the $50 million that Delek had initially estimated it would receive from Ithaca this year.
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