Connect with us

Hi, what are you looking for?

Jewish Business News

Natural Resources & Energy

Israeli billionaire Aaron Frenkel to acquire Tamar gas field stake

Aaron Frenkel will pay $485 million to Abu Dhabi’s Mubadala Petroleum for an 11% holding in the Tamar gas field, offshore Israel

Aaron Frenkel eyes Tamar gas field
Aaron Frenkel

Israeli billionaire Aaron Frenkel intends to exercise his option to purchase an 11% stake in the Tamar natural gas field from Mubadala Petroleum for $485 million (NIS 1.62 billion) by September 13. Sources close to the deal told Globes

Aaron Frenkel is Loyd’s Group’s owner, which has reportedly invested over $35 billion over the past 25 years. The company invests in the high-tech, real estate, energy, civil aviation, and aerospace industries.

Frenkel has an option to acquire 11% in Tamar field within six months, starting March 13.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

The date was set according to a deal between Mubadala Petroleum, an Abu Dhabi government own, which purchased a 22 percent stake in the Tamar gas field from NewMed Energy (formerly Delek Drilling) for $965 million.

NewMed Energy which is a subsidiary of the Delek Group, owned by Yitzhak Tshuva, was forced to sell its stake in Tamar, as part of the Israeli government’s 2016 plan to increase competition in the Israeli natural gas sector.

Mubadala Petroleum acquired an 11 percent stake in the Tamar gas field through two funds, Tamar Investment 1 and Tamar Investment 2.
Aaron Frenkel was able to buy one of these Tamar investment vehicles from Mubadala in November before they even finalized the deal.

Frenkel must use the option within six months of the deal between Mubadala and NewMed Energy, which closed on March 13.

Globes also reported that yesterday Frenkel sold his 37.22 percent stake in Bayside Land (Gav Yam) to Property and Building for NIS 3.026 billion, making him a profit of NIS 1.25 billion.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.