Israeli energy conglomerate Delek Group reported a record profit in the third-quarter on Nov. 29, boosted by the sale of a stake in the Tamar natural gas field.

Delek said on Nov. 29 it earned 1.02 billion shekels (US$291 million) for the quarter, up from 85 million in 2016. Delek sold a 9.25% stake in the Tamar project, which alone resulted in a profit of 873 million shekels (US$249 million).

Delek, through its subsidiary Delek Drilling, still has a 22% share of the Tamar Field, which it said it has committed to sell off by the end of 2021.

Revenue for the quarter rose to 1.78 billion shekels (US$509 million) from 1.55 billion.

Delek said completion of the staged sale of insurer Phoenix Holdings Ltd. to Sirius International Insurance Corp. is expected to contribute over 2.3 billion shekels (US$658 million) in cash.

On Nov. 26 the company said Sirius had decided to exercise its option to buy Delek’s remaining 47% stake in Phoenix.

Delek declared a dividend of 120 million shekels (US$34 million), down from 260 million shekels (US$74 million) in the second-quarter.

The company said it was continuing to negotiate with groups in Egypt “with the aim of signing significant long-term export agreements.”

Offshore