Israeli businessman Aaron Frenkel has expanded his stake in Tamar Petroleum (TASE: TMRP), a partner in the Tamar offshore gas field, Globes reports. Last week he acquired an additional 3.5% of the company’s shares for NIS 126 million at NIS 40 per share. Altogether, his recent purchases amount to NIS 498 million.
Frenkel has granted the State Oil Company of Azerbaijan (SOCAR), which he initially brought into the project, a two-month option to purchase half of this package at the same price. If exercised, SOCAR’s stake in Tamar Petroleum will rise to 24.9%, while Frenkel will retain 15.8%.
Together, Frenkel and SOCAR would hold nearly 40% of Tamar Petroleum and about 31% of the entire Tamar gas field. The move strengthens SOCAR’s role in Israel’s energy sector and further deepens cooperation between Azerbaijan and Israel.
The Tamar field, located 90 kilometers west of Haifa, was discovered in 2009 and began production in 2013. It holds estimated reserves of 291.5 BCM of natural gas, with current production capacity of 10.3 BCM per year.
