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SOCAR buys 10% stake in Israel’s Tamar gas field

2025.02.03, 15:15
SOCAR buys 10% stake in Israel’s Tamar gas field

Azerbaijan State Oil Company (SOCAR) is acquiring a 10 percent stake in the Tamar natural gas reservoir off the country’s Mediterranean coast from Israeli businessman Aaron Frenkel.

Gunaz.tv

This was stated by "The Times of Israel".

Financial details of the deal were not disclosed. Azerbaijan’s state oil company SOCAR bought the stake from Union Energy, which is controlled by Frenkel. Back in 2022, Frenkel purchased an 11% stake in the Tamar gas field from Abu Dhabi’s Mubadala Petroleum, for about $520 million.

Discovered in 2009, the Tamar site saw its natural gas start to flow in 2013. Israel’s second-largest reservoir, located about 90 kilometers west of Haifa in the Mediterranean Sea, holds some 10 trillion cubic feet (tcf) of natural gas.

SOCAR said the deal is part of a plan to “acquire stakes in strategic assets in foreign countries… to expand production footprint.”

“The agreement was signed subject to certain conditions being met, including customary regulatory and other approvals,” SOCAR stated.

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