Azerbaijan’s SOCAR to buy Tamar stake from Aaron Frenkel

Azerbaijan State Oil Company (SOCAR) has agreed to purchase a 10 % stake in the Aaron Frengel, a source close to the matter, which has been told “Globes”. This represents more than half of the Tamar session held by Frenkel and another major deal for the Israeli businessman.

The FRNKEL share includes 20 % in Tamar 14.5 % installed directly and the rest as part of a 25 % stake in Tamar Petroleum (Tase: TMRP), which holds 16.75 % of the gas field. The sale of Tamar shares by Frenkel follows its sale last month with a 2 % stake in Bank Leumi (Tase: Lumi) for a profit estimated at more than 600 million New.

The state -owned SOCAR runs the oil and gas industry in Azerbaijan, investing in Israel has great geographical implications and makes Israel and Azerbaijan closer to the diplomat.

SOCAR in the Tamar GAS field, run by Major Chevron Energy, has been invested, as much as it is known, the American company’s grace. Therefore, it is also part of President Trump’s policy of enhancing economic stability in the Middle East through strategic investments, especially in the energy sector. Not only does Chevron have a 25 % stake in Tamar, but also its operator for all partners. This investment is strengthened by Socale Economic Relations between the United States, Azerbaijan and Israel, and will help benefit from strategic cooperation in a variety of fields.

FRNKEL built its direct gas position by treating an option with Mobala oil, owned by the Abu Dhabi government, which he practiced in December 2022, as well as from Harreel Insurance and Finance and Israel’s infrastructure (at the end of September at the end of September). It also bought 25 % of Tamar Petroleum shares, which control 16.75 % of the field. Besides buying the shares of Tamar Petroleum, FRNKEL 3.4 billion in the Tamar Gas field, mainly by financing the bank.

It is estimated that Frenkel has made a profit of about 2 billion NIS for its investments in Tamar. Estimates are based, among other things, to the recently concluded deal, in which it paid nearly 280 million New (more than a billion New) compared to 3.5 % of the rights in the tank that was bought from the Israeli infrastructure fund, which gave the tank worth more than 8 Billions of New 28 billion News at the time of the deal). This value almost doubles the value of the tank in the 2021 deal, where Delek Driving (NewMed Energy now) sold 22 % of the Maabadala rights for 1.1 billion New, based on the value of about $ 5 billion for Tamar (NIS 15.8 billion) tank.

Frenkel recently told “Globes” about investing in Tamar. He said: “This is an investment that was created as part of the response to Ibrahim’s agreements. I have entered into it as a result of the good relations that I possess in Abu Dhabi and the United Arab Emirates. Tangier?

MUBADALA acquired 22 % of Tamar and gave Frankel a option to sell half of its holdings in the tank (11 %). He continued to get another 3.5 % stake, while at the same time got about 24.99 % of Tamar oil, which has 16.75 % of Tamar. He said: “I have a direct and indirect share of about 18.7 % of Tamar, and since I am a Christian shareholder in Tamar Petroleum, you can say that I affect 31.25 % of the tank.”

The Tamar tank, located in the Mediterranean Sea 90 km to the west of Haifa, was discovered in 2009 and production began in early 2013. The current production capacity of the tank is 10.3 BCM annually and its gas reserves are estimated at 291.5 BCM. Partners in the tank today, along with Franklk and Tamar Petroleum, are Mobala, Yarramco, Chevron and Doura gas.

It was published by Globes, Israel Business News – En.globes.co.il – on February 1, 2025.

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