Gazprom in talks to buy Med Ashdod stake

Representatives of the Russian giant met with a partner in the Med Ashdod block of licenses to discuss taking a substantial holding.

Sources inform ''Globes'' that executives of Russian's OAO Gazprom (Nasdaq: OZGPY; LSE: OGZD; DAX: GAZ; RTS: GAZP) have met ACC International Holdings Inc. president Chaim Lebovits. ACC is a partner in Med Ashdod blocks of oil and gas exploration licenses together with real estate developers Jacky Ben Zaken and Avraham Nanikashvili.

The sources added that the parties have begun preliminary talks, which could lead to a deal to bring Gazprom into the license with a substantial holding.

Next month, Israel Financial Levers Ltd. (TASE:LVR) will convene a general shareholders meeting to give its controlling shareholder, Ben Zaken, an option to bring in a partner who will exercise the drilling rights at Med Ashdod. The plan is to float this company, whose license is valid until 2013, on the Tel Aviv Stock Exchange (TASE).

Published by Globes [online], Israel business news - - on November 23, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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