About
Delek
Group

About
Delek Group

Delek Group is a publicly traded holding company listed on the Tel Aviv Stock Exchange (TASE) and included in the TA-35 Index, which comprises Israel’s leading companies.

The Group operates, directly and indirectly, across the energy, financial services, and real estate sectors. Its activities are characterized by a balanced asset portfolio, a clear strategy, and quality management, enabling continued expansion and reinforcing its position as one of the leading and central groups in the Israeli economy.

Our Vision and Strategy

We operate based on a defined business and values-driven vision, a long-term perspective, and a clear strategic framework. We prioritize building a strong and balanced asset portfolio designed to ensure long-term business stability through the integration of significant local operations with international expansion aimed at creating value and maximizing returns.

Our History

From Local Commerce To a Leading Energy and Infrastructure Group

Delek Group is one of Israel’s leading holding companies, operating across the energy and financial sectors, with decades of pioneering business achievements behind it. Together with its subsidiaries, Delek Group was responsible for Israel’s energy revolution through the discovery of the major gas reservoirs Leviathan, Tamar, Yam Tethys and others. These discoveries, led by the Group’s companies, transformed Israeli into a regional energy power.

 

Founded in 1951 as Israel’s first gas retail company, Delek Group subsequently evolved into a leading holding group with significant independent exploration and production (E&P) operations and a diverse portfolio spanning energy, infrastructure and other sectors. Over the decades, the Group has made strategic decisions, identified opportunities, and led business initiatives, some of which were groundbreaking, while continuously adapting to evolving market conditions and economic environments. The Group is characterized by a balanced asset mix, a clear strategy, and high-quality management, allowing it to expand and reinforce its position as one of the leading influential groups in the Israeli economy.

Key Milestones

1951
1951
1951-1997
The Foundations and Strategic Turning Point

The story of “Delek” began in 1951 with its establishment as Israel’s first fuel marketing company. Beginning in 1981, the company expanded its operations through onshore oil and gas exploration activities. Another significant turning point occurred in 1998, when control of the company was acquired by Mr. Yitzhak Tshuva.

This move led to dramatic expansion of the Group’s exploration activities and the establishment of the strategic partnership with Noble Energy, driven by a vision to realize the offshore potential of the Eastern Mediterranean and position Israel as a leading energy player.

1951-1997
1998
1998
1998
Yitzhak Tshuva Becomes Controlling Shareholder of Delek Group

Businessman Yitzhak Tshuva becomes the controlling shareholder of Delek Group, deciding to strengthen the Group’s energy operations. He enlists the American energy giant Noble Energy (now Chevron) to his side, and together the two companies work to explore natural gas deposits on the coasts of the Eastern Mediterranean.

Tshuva’s vision and belief that Israel could become energy independent nation through domestic energy sources became the driving force that, several years later, led to the discovery of major gas reservoirs offshore Israel, and transformed the country into a regional energy exporter.

1998
1999
1999
1999-2016
The Energy Revolution and the Establishment of the East Med Arm

During this period, Delek Group was a key partner in the establishment of Israel’s natural gas market and in building a significant operating arm in the Eastern Mediterranean, now concentrated under its subsidiary, NewMed Energy.

The process began with the discoveries of the “Noa” reservoir and the “Yam Tethys” project, which demonstrated commercial viability and laid the foundation for the Israeli gas era. In 2009, another major breakthrough followed with the discovery of the “Tamar” reservoir, and later the “Leviathan” reservoir, one of the world’s largest deepwater gas reservoirs. These discoveries strengthened Israel’s regional standing and enabled substantial supply volumes for both the domestic market and export. At the same time, the Group expanded its regional activities, including the discovery of “Aphrodite” offshore Cyprus. Throughout these years, the Group demonstrated proven capabilities in drilling, development, and production, creating significant economic anchors that continue to support its activities to this day.

1999-2016
2017
2017
2017-2024
Global Expansion and Strategic Portfolio Diversification

As part of its strategy to become a significant international player, the Group completed the acquisition of full ownership of Ithaca Energy in the North Sea in 2017, providing it with independent operational capabilities and a platform for global expansion.

Alongside strengthening its energy arm, the Group worked to diversify and balance its holdings by expanding into additional core areas with infrastructure-oriented characteristics, aimed at enhancing stability and long-term cash flow generation. In 2023, the Group completed the acquisition of a controlling stake in Mehadrin, marking its expansion into the real estate and agricultural sectors.

2017-2024
2025
2025
2025
Completion of the Acquisition of Control in Isracard

A strategic move that expanded the Group’s activities into the financial services sector and complemented the Group’s asset portfolio alongside energy and real estate.

2025
2026
A Look to the Future

Delek Group continues to operate with a long-term vision, strengthening its core sectors, developing new growth engines, and enhancing its assets in Israel and worldwide. The Group combines experience, entrepreneurship, and strategic thinking with the objective of continuing to create sustainable value for its shareholders, partners, and the Israeli economy.

2026

Driving growth in energy,
real estate, and financial services
across Israel and around the world.

CONTACT INFO

Tamir Polikar

EXECUTIVE VP AND CFO SINCE AUGUST 2020

Before assuming the position of Executive VP and CFO of Delek Group, Mr. Polikar held several senior positions in different sectors such as finance, energy and real estate. During his 25 years of top management experience Mr. Polikar served as the CEO of Aspen Group, CFO of Israel’s Electric Corporation, CEO of Sonol Israel, CFO of Azrieli Group and the CFO of Petrolgaz Group. Education: MBA – Business Administration, BA – Accounting & Business Administration, CPA (Isr)

IDAN WALLACE

CEO SINCE 2020

Mr. Wallace was appointed the new CEO of Delek Group in January 2020, after previously serving as CEO of Tshuva Group, a group of private companies owned by Yitzhak Tshuva, the controlling shareholder of Delek Group (through Tashluz Investments and Holdings Ltd.). In addition, since 2010, Mr. Wallace has served as a strategic advisor to the CEO of Delek Drilling. Mr. Wallace also serves as a director in a number of leading companies in the energy, real estate and media sectors.

NIV SARNE

HEAD OF ENERGY, BUSINESS DEVELOPMENT & M&A SINCE 2017

Mr. Sarne joined Delek Group in 2017 as the Head of its energy business development and international M&A activities. For the previous six years, Mr. Sarne worked at Noble Energy, first in Israel, where he was responsible for Noble’s East Med business development activities, and then in Houston, where he was responsible for on-shore business development activity. Education: B.Sc. in Civil Engineering from the Technion Israel Institute of Technology; MBA from the University of Chicago

IDO ADAR

TREASURER SINCE 2004

Mr. Adar has served as the Treasurer of Delek Group and a number of its subsidiaries since 2004. Previously, Mr. Adar was Treasurer of Delek Israel (Delek, the Israel Fuel Corp.) for approximately 10 years. Education:BA in Economics and MBA from Tel Aviv University

YOSSI BARNEA

CHIEF INVESTMENT OFFICER SINCE 2010

Prior to joining Delek Group, Mr. Barnea held various top management positions with banking and investment firms in the US and Israel for over 15 years. Education:BA in Economics and Businessfrom the Interdisciplinary Centre (IDC), Israel

LEORA PRATT LEVIN

EXECUTIVE VP & CHIEF LEGAL COUNSEL SINCE 2007

Ms. Pratt Levin has been with the Delek Group since 1999, serving as Legal Counsel for the Delek Real Estate Group and other subsidiaries. Previously, she served as legal counsel for the Tshuva Group. Education:BA in Political Science from Tel Aviv University; LLB from the University of Reading. Ms. Levin has been a member of the Israel Bar Association since 1991.

SHIMON DORON

INDEPENDENT AND EXTERNAL DIRECTOR SINCE 2018

Mr. Shimon Doron previously served as VP of Planning and Logistics at Bar-Ilan University and is the owner of a strategic consulting firm. He currently serves as joint CEO of the Island Hotel in Netanya, and as member of administration of the Sephardi Federation in Jerusalem. Board Committees: Committee for reviewing the financial statements, compensation committee, and audit committee Education: MA in Political Science and International Relations, Open University

CARMIT ELROY

DIRECTOR SINCE 2012

Ms. Elroy is active in Israel’s real estate and wholesale/retail trade industries. She is the owner and CEO of Pharmacin Ltd., and Baraka Or Holdings Ltd. She currently serves as a director of Delek Israel Fuel Corp. Ltd. and Delek Drilling Management (1993) Ltd. Education: B.A. in Special Education and Humanities from the University of Tel Aviv.

RONI RON MILO

INDEPENDENT DIRECTOR SINCE 2015

Mr. Milo, an attorney, served as Chairman of the Board of Azorim Investment Ltd. of the IDB Group and Chairman of Cantor Fitzgerald Israel, as well as a board member of Bank Yahav, American Israeli Paper Mills Ltd. Group and Kardan Real Estate. Previously, he was a member of Israel’s Knesset (Parliament) for six terms, serving as Israel’s Deputy Foreign Minister, Acting Minister of the Interior, Minister of the Environment, Minister of Labor and Welfare, Minister of Homeland Security, and a Member of the Ministerial Council on Security, Minister of Health and Minister for Regional Cooperation. He also served as the Mayor of Tel-Aviv-Jaffa from 1993 to 1998. Board Committees: Audit Committee Current Business Directorships: Mr Milo is hosting a TV show about current issues. Education: LL.B from Tel-Aviv University

ITSHAK SHARON TSHUVA

CONTROLLING SHAREHOLDER, DIRECTOR SINCE 2014

Mr. Tshuva is an Israeli entrepreneur and businessman with global business operations. He is responsible for the discovery, beginning in 2000, of major natural gas reserves offshore Israel that enabled the country to become energy independent and to emerge as an international energy player. In 1998, Mr. Tshuva acquired control of Delek Group, leading the company in a substantial expansion of its operations and transforming the company into a diversified global corporation with interests in upstream and downstream energy, insurance and financial services and automotive, among others. In pursuit of Mr. Tshuva’s vision, and in partnership with Noble Energy, since 2000 Delek Group has discovered substantial offshore natural gas reserves in Israel and Cyprus, including the Leviathan field, the world’s largest gas reserve discovered in deep water in the last decade. Other: As an outgrowth of his personal vision and beliefs, Mr. Tshuva promotes economic ventures and partnerships between Israel and its neighbors to enable the advancement of the peace process and to pave the way for important shared achievements between Israel and its regional neighbors.

GABRIEL LAST

CHAIRMAN, DIRECTOR SINCE 2003

Mr. Last is the Chairman of Delek Group and of several of its subsidiaries and affiliates. From 2001 to 2003, Mr. Last served as CEO of Delek Group Ltd., and, from 1998 to 2001, as Managing Director of the Israeli Society of Insurance Companies and the Israeli Association of Life Insurance Companies Ltd. Mr. Last also served as a Commander of Tel Aviv district in the Israeli Police Force between 1993 and 1996, and as a Vice Inspector General of the Israeli Police Force from 1996 to 1998. Board Committees: Investment Committee Education: LL.B from Tel Aviv University; MA in Political Science and Mathematics, with honors, from Haifa University; AMP (Advanced Management Program for Executive Officers) at Harvard University. Awarded a Doctorate Honoris Causa by Netanya Academic College.

ADV. BOAZ M. SCHNITZER

HEAD OF GLOBAL TAXATION & STRUCTURING SINCE 2016. DEPUTY CEO SINCE 2020

Mr. Schnitzer has provided the management teams of the Delek Group and its Energy affiliates with strategic tax and structuring advice in connection with M&A and financing transactions. Mr. Schnitzer has also provided strategic legal and tax advice to the Tshuva Group since 2008 in connection with its global business operations and served as a director in several of its subsidiaries. Prior to joining the Tshuva Group, Mr. Schnitzer was a partner with Ernst & Young Israel and was a tax associate at Sullivan & Cromwell in New York City. Education: Mr. Schnitzer holds an LLM in Taxation from Boston University School of Law and an LLB from the College of Management School of Law, and is admitted to the bars of both Israel and the State of New York.

Waiver of Rule 9 of the UK City Code on Takeovers and Mergers

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As a consequence of Delek Group Ltd.’s (“Delek”) anticipated shareholding following completion of the proposed combination between Capricorn Energy PLC (“Capricorn“) and NewMed Energy Limited Partnership (“NewMed“) (the “Recommended Combination”), the Recommended Combination is conditional on a Rule 9 waiver from the UK Takeover Panel in order to disapply mandatory offer requirements pursuant to Rule 9 of the UK City Code on Takeovers and Mergers (the “Rule 9 Waiver”). 

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