Azerbaijan’s state firm Socar officially became an effective 10% shareholder in Israel’s second largest gas field, the Chevron-operated 13.7tcf Tamar on 25 June. The transaction was confirmed by Tamar Petroleum (16.75% stake at Tamar),which informed the Tel Aviv Stock Exchange on 25 June that the “State oil company of Azerbaijan Republic has become a stakeholder.”
Local media says Socar is paying Israeli businessman Aaron Frenkel $1.25bn for the stakes, valuing the Tamar field at $12.5bn. (CONTINUED - 244 WORDS)