Ithaca Energy profits benefit Israeli firm linked to West Bank settlements
What happened
Ithaca Energy, an Aberdeen-based oil and gas company, paid out nearly £100 million in profits to its shareholders. Delek Group, which owns over 50% of Ithaca Energy, was set to receive this payout from UK oil fields. Delek Group was included on the United Nations Human Rights Office database of companies linked to Israeli settlements in the West Bank. Delek Group denies operating in settlements and is appealing its inclusion.
From thenational.scot
Why it matters
The payout links major North Sea oil profits to a company associated with settlements in the West Bank. This occurs shortly after the UK Government announced new sanctions on projects in the West Bank. The connection raises scrutiny regarding investment in projects linked to disputed territories.
From thenational.scot
Who's involved
- Ithaca EnergyBritish oil and gas company that holds a 20% interest in the Rosebank resource base.
- United NationsGlobal organization that monitors and documented companies linked to settlements in the West Bank.
- West BankTerritory where the United Nations monitors settlement activity and where regulatory action is targeted.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- EquinorSpeculative
Scrutiny over profits from associated projects could affect investment security for partners.
- ShellSpeculative
Profits flowing from Rosebank to UN-listed entities could increase reputational risk.
- energySpeculative
Operational standing could be threatened by geopolitical and sanctions scrutiny.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Foreign Office may face pressure over profits linked to illegal settlementsForeign Office faces pressure to enforce sanctions against settlement-linked profitsLikely
- Profits from North Sea oil may challenge Geneva Convention rulesProfits from North Sea oil may challenge Geneva Convention rulesPossible
- Shell may face reputational risk from oil profits linked to settlementsShell may face increased reputational risk from oil profits linked to settlementsPossible
- Great Britain may face pressure over energy profits linked to occupied territoriesGreat Britain faces pressure over energy profits linked to occupied territoriesPossible
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The entities involved
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West Bank
Palestinian territory on the western bank of the Jordan River, occupied by Israel
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East Jerusalem
Eastern part of Jerusalem, in dispute between Israel and the Palestinian Arabs since 1967
- Navi Pillay chaired an inquiry into Israeli actions in Gaza, which covered East Jerusalem, while Donald Trump criticized her Nobel Peace Prize win.
- Current events detail the isolation of East Jerusalem from surroundings, the need for aid to reach the Gaza Strip without obstruction, and calls for a two-state solution.
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Ithaca Energy
British oil and gas company