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Home Energy

Mubadala Petroleum Plans Buying $1.1 Billion Stake in Israeli Natural Gas Field

The transaction would strengthen the gas-biased portfolio in accordance with Mubadala’s energy transition goals

The Global Economics by The Global Economics
April 27, 2021
in Energy, Trending
Reading Time: 1 min read
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Mubadala Petroleum Plans Buying $1.1 Billion Stake in Israeli Natural Gas Field

Mubadala Petroleum Plans Buying $1.1 Billion Stake in Israeli Natural Gas Field

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Abu Dhabi’s Mubadala Petroleum plans to buy Delek Drilling’s 22% stake in the Tamar offshore field, making this agreement the biggest deal since UAE and Israel established normal ties last year. 

The UAE’s sovereign wealth fund with US$232 billion of assets has agreed to pay as much as US$1.1 billion by signing a memorandum of understanding (MoU) with Delek Trilling. 

The east Mediterranean gas field Tamar is one of the primary energy sources of Israel, producing about 11 billion cubic meters of gas every year. According to Delek, the finalization of the deal would make for the biggest commercial agreement since the Abraham Accords signed by Israel, Bahrain, and the UAE. 

Last year, the UAE and Israel’s deal was a significant milestone for forging peace in the Middle East. After Jordan and Israel, UAE became the first Arab nation to recognize Israel. 

Amidst the boom in gas investments in the eastern Mediterranean, nations like Israel, Egypt, Turkey, and Cyprus have been trying to develop fields.

Prime Minister of Israel, Benjamin Netanyahu, has promised the deal would lead to billions of dollars of investment in the nation.

Tags: abrahamaccordsbahrainbenjaminnetanyahubuyscyprusdelekdrillingegyptgasfieldsisraelmediterraneanmubadalapetroleumtamarturkeyuae
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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