NewMed Energy (tase: NWMD), formerly Delek Drilling, is an Israeli energy oil & gas partnership in the exploration, development, and production of natural gas and oil. Delek group owned by Yitzhak Tshuva, is the controlling shareholder of the partnership. The partnership is traded on the Tel Aviv Stock Exchange and is part of the TA 35 Index.[2]
History
NewMed Energy (formerly "Delek Drilling") was founded by Avinoam Finkelman and served as the search department of the Delek group, then controlled by the IDB group. The partnership was founded with an agreement signed on July 1, 1993, between Delek Drilling Management (1993) Ltd as a general partner and Delek Drilling Trusts Ltd as a limited partner. The partnership's holdings include Yam Tethys Ltd, Delek Drilling (Leviathan Finance) Ltd, Delek Drilling (Yam Tethys Finance) Ltd, Delek and Avner Yam Tethys Ltd and Delek Drilling (Tamar Finance) Ltd.[3]
In 1998, Yitzhak Tshuva, a self-made multi-billionaire, purchased control of Delek group, from the Recanati family.