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This morning (December 2, 2018), the management of Rotem Energy Mineral (REM) partnership opened the trading on the occasion of the listing partnership’s securities on the Tel-Aviv Stock Exchange (TASE).
The REM partnership joins 12 new companies that have listed on TASE’s equities market since the beginning of 2018. These 13 new companies have an aggregate market cap of NIS 69.3 billion and have raised a total amount of NIS 1.7 billion. The REM partnership is active in the field of energy and the environment and intends to construct facilities for the production of shale oil from oil shale together with municipal plastic waste otherwise intended for landfill. The pair of plants, which will be constructed in accordance with stringent environmental quality standards, are planned to employ hundreds of workers and will produce 1.7 million barrels of oil annually, while concurrently generating 30 megawatts of electricity.
Dr. Yaakov Mimran, the chairman of REM’s board of directors and formerly in charge of oil and gas affairs at the Ministry of Energy: “We are standing here in our suits, but we’re intending to get out of these as soon as possible and get back into our work clothes. We are confident that the combination of shale oil with municipal plastic waste will be a new source of energy production for Israel. The book of Genesis that we’re currently reading in our synagogues is full of dreams, and likewise our dream is about to be realized. The State of Israel has rolled out the red carpet for us so that we can produce oil and electricity from oil shale and plastic waste. We intend to stride boldly through this portal and become the pioneers in integrating energy with the environment for the commercial production of oil and electricity”.
Meir Yehuda, economist at the Issuances Unit and in charge of TASE’s partnerships sector: “In order to enable oil to be produced from oil shale, TASE has to blaze a new trail where none previously existed, but this is undoubtedly worthwhile when the destination is taken into consideration. The oil and gas exploration sector constitutes an excellent example of a sector that is developing and flourishing thanks to TASE, which currently makes it possible for partnerships to raise capital from the investing public, as well as letting the public participate in the success of these partnerships. To date, 12 oil and gas exploration partnerships with a total value of NIS 22 billion have listed, and we are able to say that these partnerships are not just exploring for oil but are also actually making oil and gas discoveries, which is making it possible for the State of Israel to now become a gas exporter”.
Pictured (from right to left):
Rafi Dayan, CFO of REM; Jacques Sebag, CEO of REM; Yaakov Mimran, Chairman of REM’s board of directors; Meir Yehuda, economist at the Issuances Unit and in charge of TASE’s partnerships sector; and Ittai Ben-Zeev, CEO of TASE.
Photo credit: Omer Messinger, for no financial consideration.
