Azerbaijan’s State Oil Company (SOCAR) agreed to purchase 10 % of Israel’s offshore gas field tumers from Aaron Frenkel, which was close to the issue of this issue. This represents more than half of the shares of Tamar held by Frenkel, representing another large -scale transaction for Israeli businessmen.
TAMAR’s 20 % of Frenkel’s 20 % shares are directly retained as part of 25 % of Tamar Petroleum (TMRP), and the rest is 16.75 % of gas fields. The sale of Tamar shares by Frenkel will continue to sell 2 % of Bank LEUMI (TASE) shares last month with an estimated Gain of NIS 600 million people.
The national SOCAR manages the Azerbaijan oil and gas industry, which has a geopolitical impact on investment in Israel, and Israel and Azerbaijan are diplomatically approaching.
SOCAR investment in the Tamar gas field operated by Energy Major Chevron is blessed by a US company as far as it is. Thus, it is also part of President Trump’s policy to strengthen economic stability in the Middle East through strategic investment in the energy sector. Chevron not only owns Tamar’s 25 % shares, but is also an operator of all partners. SOCAR’s investment promotes economic bonds between the United States, Azerbaijan and Israel, and supports the use of strategic cooperation in various fields.
Frenkel is from the Harlel Insurance, Financial and Israel Flast Tracture Funds (at the end of the previous year, a direct position in the gas field through the optional trading with Mubadara petroleum owned by the Abu Dhabi government exercised in December 2022). September). He also purchased 25 % of Tamar Petroleum shares, which manages 16.75 % of the field. Along with the purchase of Tamar Petroleum shares, Frenkel has invested 3.4 billion NIS in Tamar Gas fields mainly through bank funding.
It is estimated that Frenkel has made a profit of about 2 billion NIS for investing in Tamar. The estimate is, especially based on the recently made transactions. He paid approximately 280 million NIS to 3.5 % of the reservoir rights purchased from the Israeli Infrastructure Fund (exceeding NIS 10 billion). The reservoir is worth 8 billion NIS 28 billion NIS at the time of transaction). This value is almost twice the value of reservoirs in the transaction in 2021, and Delek Drilling (now NewMed Energy) is 22 of the NIS 1.1 billion rights based on the value of about $ 5 billion in Tamar reservoir. I sold % (NIS 15.8 billion).
Frenkel himself recently told Gloves about investment in balls. He said, “This is an investment created as part of the response to Abraham Accord. I participated in the good relationship I had in the United Arab Emirates. Who said: Signed. How do I change the paper (agreement of Abraham) to a concrete one?
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Mubadara gained 22 % of Tamar and gave Frankel the option to sell half of its own in a reservoir (11 %). He gained 3.5 % of the shares, and at the same time gained about 24.99 % of tummer oil, which owns 16.75 % of the tamer. “I have a direct and indirect equity of about 18.7 % of Tamar,” he said.
The tummer reservoir, located in the Mediterranean 90 kilometers west of Haifa, was discovered in 2009 and was produced in early 2013. The current production capacity of the reservoir is 10.3 BCM per year, and the gas reserves are estimated to be 291.5 BCM. Today’s partner in the reservoir is Mubadara, Islamco, Chevron, and Dogas alongside Frankel and Tamar oil.
Published from GLOBES, Israel Business News -en.globes.co.il- February 1, 2025.
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