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Aaron Frenkel to exercise option to buy Tamar gas field stake

Aaron Frenkel Credit: PR
Aaron Frenkel Credit: PR
7 Jun, 2022 15:40
שלח תגובה במיילOmri Cohen

Having sold his stake in Bayside at a big profit, Frenkel will pay $485 million to Abu Dhabi's Mubadala Petroleum for an 11% stake in Tamar.

Israeli businessman Aaron Frenkel plans exercising his option by September 13 to buy an 11% stake in the Tamar natural gas field from Mubadala Petroleum for $485 million (NIS 1.62 billion), sources close to the deal have told "Globes."

Yesterday, Frenkel completed the sale of his 37.22% stake in income producing real estate company Bayside Land Corp. Ltd. (Gav Yam) (TASE:BYSD1) to Property and Building Corp. Ltd. (TASE:PTBL) for NIS 3.026 billion, giving him a huge profit of NIS 1.25 billion.

Mubadala Petroleum, owned by the Abu Dhabi government, bought a 22% stake in the Tamar gas field last December for $965 million from NewMed Energy (TASE: NWMD) (formerly Delek Drilling), which was forced to sell its stake in Tamar as part of the Israeli government's 2016 plan to introduce competition into the Israeli natural gas sector.

Mubadala Petroleum bought its stake through two funds - Tamar Investment 1 and Tamar Investment 2, with each holding 11% of the Tamar gas field. In November, even before the deal was completed, Mubadala gave Frenkel an option to buy one of these Tamar investment funds.

The option has to be exercised within six months of the closing of the deal between Mubadala and NewMed Energy on March 13.

Published by Globes, Israel business news - en.globes.co.il - on June 7, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Aaron Frenkel Credit: PR
Aaron Frenkel Credit: PR
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