Its oil-exploration business long left for dead, Givot Olam suddenly came back to life two weeks ago when it announced it was getting a $50 million cash infusion by a mysterious investor group called Alberta-Texas Energy Ventures.
Alberta-Texas retained the Israeli public relations man Rani Rahav, but a statement released by his firm was short on details. It described the group as including “Jewish families that work for Israel’s stability and inclusive regional development.” It also said the group has been in the global oil and gas sector and invested in Israeli startups but never in Israeli energy.
Givot Olam, whose shareholders Monday backed the investment plan that will give Alberta-Texas a 40% stake in the company, declined to name any of its backers.
Shapir Engineering and Industry has signed an option agreement to join Alberta Green Ventures with a $50 million investment.
Infrastructure and construction company Shapir Engineering and Industry (TASE: SPEN) is changing its position in the Givot Olam partnership's oil and gas exploration. Givot Olam holds drilling licenses for the Meged oil field next to Rosh HaAyin. Just over a year after entering the partnership that manages Givot Olam's oil and gas exploration activity, Shapir Engineering is changing its strategy. Instead of investing in management of the activity through the general partner of Givot Olam, it now wants to join a Canadian company in investing in the operation of the partnership's Meged drilling following a long period of stagnation in drilling activity in the oil field, a development that will bring new life to it.
I can't find any recent Delek onshore Israel news, But I've been told that news is out.
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