*Israeli businessman Aaron Frenkel is set to increase his stakes in the country’s 13.7tcf Tamar gas field to 18.7% with a IS1bn ($280mn) deal to purchase the 3.5% stake held by Everest Infrastructures which is jointly owned by Israeli firm Harel Insurance Investments & Financial Services and the Israel Infrastructure Fund.
*Mr Frenkel directly owns 11% of Tamar via his ‘Tamar Investment 1’ vehicle after he exercised his option to take half of the 22% stake purchased by UAE state firm Mubadala for $1.1bn in 2021 (MEES, 21 December 2021). Mr Frenkel has also amassed 25% of number-three Tamar partner Tamar Petroleum, which has 16.75% of Tamar versus the 25% of operator Chevron, for an implied 4.19% of Tamar and an overall effective stake of 15.19%. (CONTINUED - 220 WORDS)
