The company paid $33 million royalties to the government.
The start of natural gas flow from the Tamar field boosted Isramco Negev 2 LP (TASE: ISRA.L) to profits in 2013. This morning, the partner in Tamar announced that it posted a net income of $248 million in 2013, mainly due to its share of the $297 million sales of gas and condensate from Tamar, after deducting $33 million in royalties to the government and $16 million in royalties expenses to Isramco Inc. (Nasdaq: ISRL). The cost of gas production was $25 million, mainly for operating the production platform, insurance, and salaries for Tamar.
Net financing expenses were $47 million in 2013, compared with net financing income of $3 million in 2012. Net profit was $139 million in 2013, compared with a net loss of $4 million in 2012.
Isramco's participation capital rose to $515 million at the end of 2013 from $395 million a year earlier.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2014
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