Union’s energy, controlled by the Israeli businessman Aaron Fenkel, completed the allocation of 48.3% of the offstore gas parts in the Republic of Azerbaijan (Socar). The agreement, to provide Socar a 10% stake in Tamar, the amount estimated is $ 1.25 billion.
The agreement, which was revealed by “globes” and signed six months passed through the union of energy and Socar, completing the approval of the Petroleum construction. As part of the deal, socar will hold its 10% stake in tamar through a 48.3% Holding in Union Energy and 3% of Tamar Petroleum (Tase: TMRP), an investment company in the sale, in which prior to the sale he held a 24.99% stake. Socar joined other Tamar partners, which includes US Energy Djor and Field Operator Chevron (25%) and the Abu Dhabi State Fund Miss (11%).
Agreement carries Azerbaijan and Israel approaching
Tamar’s fuel, which is 90 kilometers west of Mediterranean, discovered in 2009 and reservoir reservations are 10.5 reserves of reservoir, with Tamar Petroleum, is Sidmco and Dor Gas. Socar is a state-owned energy company in charge of the oil and gas industry in Azerbaijan based on the capital capital, Baku. The step has a geopolitical measure effectively carrying Azerbaijan and Israel to be close.
Frenkel built his direct gas reservoir position by an optional agreement with the Lift Petroleum, which by buying a stake from Harre Insurance Company and IF) in September of September. Along with the purchase of Tamar Petroleum parts, the reservoir frankel investment is NIS 3.4 billion – an investment made by bank financing.
In most recent agreements Frankel Envkook, he pays about $ 280 million (above NIS 1 billion rights to over $ 8 billion in the reservoir; as this amount is almost double the reservoir in 2021 deals, the delek drilling (current rights of about $ 5 billion for Tamar Reservoir (NIS billion).
Frenkel himself told the “globes” about Tamar investing. He said, “This is an investment created as part of the foreks with an older relationships with Abu Tamar Reservoir on December 2022. So I have been given an option, but I have given me an option.”
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Mubad bought 22% of Tamar and offered an optional purchase of half holding it in the field (11%). He continued to buy another 3.5% stake, and at the same time bought 24.99% of Tamar Petroleum, owner of 16.75% in Tamar. “I am direct and indirect owner of a stake of about 18.7% of Tamar,” he said, “and because I am one of the controls of Tamar Petroleum, you can implement the reservoir.”
Published in Globes, Israel News in News – en.globes.co.il – On June 25, 2025.
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