BP Oil International Ltd. has signed an allocations agreement with a financial institution to invest $50 million in Delek Group Ltd. (TASE: DLEKG) unit Delek Logistics Partners LP (NYSE: DKL), the company notified the Tel Aviv Stock Exchange (TASE) this morning. The investment will be converted into regular shares of Ithaca Energy Ltd., Delek's North Sea operations unit, when the company holds its IPO next year. Delek hopes to float Ithaca at a company valuation of $2.5 billion. RELATED ARTICLES Delek completes $1.75b Chevron North Sea assets acquisition With Leviathan gas about to flow, Delek's Q3 profit plummets The agreement comes after failed attempts by Delek in recent months to raise money to help Ithaca in the $1.75 billion acquisition of Chevron's North Sea assets, which was completed last month. Delek, controlled by Yitzhak Tshuva, added that BP's investment bears ensured returns and includes a mechanism to adapt it to the valuation of the planned IPO of Ithaca. Delek also reported that Ithaca has signed a five-year marketing and distribution agreement with BP for the Chevron assets that it has acquired. Published by Globes, Israel business news - en.globes.co.il - on December 19, 2019 © Copyright of Globes Publisher Itonut (1983) Ltd. 2019
