New Med Energy Appoints Former Israeli Land Authority Head as Chairman

Yaakov (Yanki) Kuint has been appointed chairman of the board of directors for New Med Energy, a company controlled by Yitzhak Tshuva's Delek Group. Kuint, 53, will assume his new role on November 1. He previously headed the Israel Land Authority from 2020 to 2025 and managed the Government Companies Authority from 2017 to 2020. This appointment marks another leadership change at New Med Energy in recent months. Niv Sarana, who became chairman in June, transitioned to CEO in August, replacing Yossi Abu, who had led the partnership for approximately 15 years. Kuint will now take over the chairmanship vacated by Sarana's move. New Med Energy holds about 45.3% of the Leviathan gas field, alongside Chevron and Ratio, and has rights in the Aphrodite field in Cyprus. Kuint, who holds advanced degrees in business administration, law, and economics from Bar-Ilan University, stated his intention to work with the board and management to advance the partnership's activities and maximize its assets' potential, aiming for new achievements that will enhance shareholder value. His appointment comes as long-term gas sales contracts for Leviathan are under consideration. Last week, it was reported that Dalia filed a request for arbitration in London against New Med Energy and Ratio. This follows the companies' announcement of the cancellation of a gas supply agreement, valued at an estimated $6.7 billion, intended to supply gas for about 20 years to two new power stations Dalia is building. New Med Energy and Ratio claim that the agreement's conditions precedent were not met on time, while Dalia seeks to establish that the cancellation notice is invalid and the contract is binding. This dispute presents a significant issue for New Med's management and board regarding future revenues from the field and its supply commitments to the domestic market.