International entrepreneur, investor and philanthropist Aaron Frenkel is increasing his stake in Tamar Petroleum with the purchase of an additional 20 percent of the company.
The Israeli business mogul bought the shares from Harel Group, Migdal Insurance and Financial Holdings, and Brosh Capital Partners at a cost of NIS 300 million, raising his stake in Tamar Petroleum to 25 percent.
The company holds 16.75 percent of the rights in the Tamar natural gas field off Israel’s Mediterranean coast.
With the purchase, Frenkel became the main shareholder in the company together with Eli Azur, who holds another 23.7 percent.
“I strongly believe in energy stability, and gas is a clean source of energy production for the medium term, until the plans for the use of alternative energy are realized and until other new sources and technologies for the production of clean energy are found, Frenkel said in a statement quoted by Globes.
“This resource should be properly utilized, and it has an important geopolitical impact in the region, positioning Israel as an energy power and as a stable and reliable gas supplier.”
Tamar Petroleum purchased Delek Drilling LP’s holdings in the Tamar gas reservoir in July 2017. The company acquired another 7.5 percent of the interests in Tamar from Noble Energy (now Chevron) in March 2018.
Trade in the company’s stock began in 2017 on the Tel Aviv Stock Exchange under the symbol TAMAR PET. Tamar Petroleum shares were up 15 percent this weekend, giving the company a market cap of NIS 1.3 billion.
Frenkel purchased 11 percent of the Tamar gas reservoir from Abu Dhabi energy firm Mubadalah Petroleum last December for $522 million. Mubadalah retains 11 percent in the field. In addition, Chevron (formerly Noble Energy) owns 25 percent, Isramco 28.75 percent, Dor Gas Exploration four percent and Everest three percent, alongside the 16.75 percent owned by Tamar Petroleum.
