Israeli billionaire Aaron Frenkel is continuing to increase his stake in the Tamar gas field. Frenkel has bought the 3.5% stake of Everest (a partnership of Harel Insurance Investments and Financial Services and the Israel Infrastructure Fund) for NIS 1 billion, reflecting a NIS 29 billion ($7.1 billion) valuation for the Israeli offshore gas field. This increases Frenkel's stake in the Tamar gas field to 14.5%, after Frenkel bought half of the 22% stake that Delek Group Ltd. (TASE:DLEKG) sold to Abu Dhabi's Mubadala Energy. In addition, Frenkel also holds a 25% stake in in Tamar Petroleum (TASE: TMRP), which has a 16.75% stake in the Tamar gas field, so that in effect Frenkel holds an additional 4.2% of the prospect. The other partners in the gas field are Isramco (TASE: ISRA) 28.75%, Chevron (25%), Mubadala Energy (11%) and Dor Gas Exploration (4%). RELATED ARTICLES Aaron Frenkel increases stake in Tamar gas field Aaron Frenkel exercises option to buy Tamar stake The capital for these acquisitions was received by Frenkel from his successful sale of his 37.2% stake in income-producing real estate company Bay Side Land Corp. (TASE: BYSD) to Property & Building Corp. (TASE: PTBL). Published by Globes, Israel business news - en.globes.co.il - on March 19, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
