Leadership Change at NewMed Energy: Niv Sarne Appointed CEO Replacing Yossi Abu
Niv Sarne, who took office as chairman of NewMed Energy on June 1, will replace Yossi Abu as CEO early next week. Abu has led the company for the past 15 years.
The gas company NewMed Energy, which controls, among other things, 45% of the Leviathan gas reservoir, has appointed the new chairman of the board, Niv Sarne, as CEO. Sarne will replace Yossi Abu, who has served as CEO for the past 15 years, as early as the beginning of next week, on August 1.
Sarne took office as chairman of the board of NewMed only recently, on June 1. Prior to that, he served as head of business development and marketing for the Tamar natural gas field partnership. According to a NewMed announcement, "In this capacity, Sarne led the formulation of natural gas sales agreements, including export contracts to Egypt and long-term supply agreements with the Israel Electric Corporation."
This is not Sarne's first round at Delek Group: according to a NewMed announcement, "Between 2017-2021, Sarne served as head of M&A energy and international business development at Delek Group, and led the acquisition of Chevron North Sea Limited for $2 billion. Previously, he served as business development manager for the Eastern Mediterranean at Noble Energy."
Sarne holds an MBA from the University of Chicago, Booth School of Business, and a bachelor's degree in civil engineering from the Technion. Now, with the chairman moving to the CEO position, NewMed will have to find a new chairman again.
Abu: NewMed is at its peak
Last May, the legendary CEO of NewMed Energy, Yossi Abu, announced his intention to leave the position. Abu stated that he is leaving due to "opportunities in the global and regional market," and promised that he would take part "in the major changes expected in the region."
Abu has many ties in Arab countries, including the UAE and Egypt, as well as in Azerbaijan. He served as CEO of NewMed, which is controlled by Yitzhak Tshuva's Delek Group, during the legislation of the gas outline, the development of the Leviathan reservoir, and the signing of the largest export contract in Israel's history: natural gas worth $35 billion to Egypt. Alongside this, he also experienced failures, such as gas exploration in the Black Sea near Bulgaria, which cost hundreds of millions but ended in nothing.
"NewMed Energy is the leader of the natural gas revolution in Israel, with a high-quality asset portfolio and significant growth potential. Together with the professional management team, the board of directors, and the staff, I am confident that we will continue to lead it forward, to realize the potential and achieve new goals," said Sarne.
Outgoing CEO Yossi Abu added:
"After 15 years, I am finishing my role at NewMed Energy when it stands at its peak, as the leading, profitable, and strong energy partnership in Israel. I am happy to pass the reins of management to my good friend Niv Sarne, and I am confident that he will know how to maintain the tremendous achievements and peaks we have conquered in the local, regional, and global arena. Since gas production began from the Leviathan reservoir, the value of NewMed Energy has jumped by hundreds of percent, and the growth potential is enormous. I am happy with the choice of Niv, and I am confident that thanks to his abilities and experience, NewMed Energy will reach further heights."
