Isramco Gas Partnership Announced tonight (Thursday) that it is canceling the appointment of Ariel Yotzer as CEO of the partnership due to the cooling-off issue that has occurred to him.
Read more in Calcalist:
Isramco owns 28.75% of the Tamar reservoir, and a creator, a graduate of the budget department, was scheduled to join it for management in the coming weeks. Due to a cooling-off obligation imposed on him, the creator requested permission to Hines for his position immediately, however his application was not approved and he had to wait to enter the position only in mid-2021
What do you think of the Isramco Yahash share:
| Strong buy | Purchase | wait on | sale | Strong sale |
In Isramco’s announcement to the stock exchange, it clarifies that “following the partnership’s announcement that the creator will be required for a cooling-off period of nine months, which will end on May 1, 2021, the partnership hereby announces that in view of the long cooling-off period. New”.
In fact, Isramco prefers not to wait another six months until the new CEO takes office, knowing that the American Chevron has entered as the senior partner in the Tamar reservoir (25% holdings), and in the coming year a third player, the Greek-British Energian, will join the gas economy. With Isramco on the various gas contracts in parallel with the competition that already exists on the part of the Whale Reservoir.
The creator was appointed to his position last July, but the state claimed that his very appointment was an issue that “could harm the purity of morals in the civil service and its image in the eyes of the public.” Creator was responsible in the budget department for the real estate field, and although Isramco is not involved in the field, its controlling shareholder is also the controlling shareholder in Airport City. And Natsva, which are engaged in the development, management and rental of commercial centers, offices, central stations, garages, gas stations, hotels, parking lots, warehouses and industry.
A creator for his part wanted to shorten the cooling-off period to 50 days instead of nine months. During a court hearing last October he claimed that “I assumed the cooling off period would not be nine months and when I was interviewed by the company’s board of course I said I would consult a lawyer and do everything according to the book. But in light of what I know from the past “I think the commission’s position will be a significant problem in the continuation of my employment with the company because what is happening in the gas market today is very big dramas, and in this company I doubt they will be able to wait that long.”
As mentioned, the concerns of more suitability, and Isramco announced the search for a new CEO.
Right: The controlling owner of Isramco, Kobi Maimon and Ariel Yotzer Photos: Uriel Cohen, Yoav Dodkevitz