Israel approves SOCAR's acquisition of stake in Tamar gas field

Israel’s Antitrust Authority has approved the sale of a 10% stake in the Tamar gas field to the State Oil Company of Azerbaijan (SOCAR) by Israeli billionaire Aaron Frenkel, local media reported.

The deal still requires final approval from Israel’s Petroleum Council under the Ministry of Energy.

Frenkel, who owns Lloyd’s Group — an investment firm involved in real estate, civil aviation, energy, and high-tech sectors — signed the agreement with SOCAR in late January. According to Israeli reports, the approval is conditional on SOCAR refraining from operating in areas where it already holds exploration licenses.

The Tamar field, located approximately 90 km west of Haifa, was discovered in 2009 and is considered one of Israel’s major gas reserves.

N.Tebrizli