Israeli Businessman sells $1.25 billion stake in Tamar gas field to Azerbaijan’s SOCAR
Golan Hazani
Israeli entrepreneur Aaron Frenkel has completed the sale of a 10% stake in Israel’s Tamar natural gas field to Azerbaijan’s state-owned oil company SOCAR for $1.25 billion, Ynet’s sister outlet Calcalist learned Wednesday. The deal marks one of Frenkel’s largest deals to date, after investing approximately $860 million in acquiring the holdings.
The sale was approved Tuesday by Israel’s Petroleum Council and Competition Authority and is considered a significant milestone in Israel’s energy market. The deal brings SOCAR into the Israeli gas sector for the first time and reflects the strengthening strategic ties between Jerusalem and Baku.
