Biggest-Yet Israel-UAE Deal: Delek to Sell Stake in Tamar Gas Field for $1.1b
Israeli energy giant Delek Drilling announced Monday that it had signed a memorandum of understanding to sell its entire stake in Israel’s Tamar offshore gas field to the Abu Dhabi government-owned Mubadala Petroleum, potentially handing the United Arab Emirates a major share in one of the Jewish state’s key strategic and economic assets less than a year after the countries established diplomatic ties.
The deal for the 22 percent stake is worth $1 billion, with an additional $100 million conditioned on certain terms and goals being met, according to a notification about the agreement sent by Delek Drilling to the Tel Aviv Stock Exchange and the Israel Securities Authority. The companies said they aim to finalize the deal by May 31.
If completed, the deal will be the biggest commercial agreement made so far since Israel and the UAE signed a normalization pact in August 2020. (TOI / VFI News)
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