A 2023 report concluded that Israel’s economy saved more than NIS 316 billion ($86.1 billion) over the past decade thanks to its “natural gas revolution.”
Israeli businessman Aaron Frenkel has finalized a landmark deal selling a 10% stake in the Tamar offshore gas field to Azerbaijan’s state-owned oil company SOCAR for $1.25 billion. The deal — completed following approval from Israel’s Petroleum Council and Competition Authority — marks SOCAR’s first entry into Israel’s energy sector and deepens strategic energy ties between Jerusalem and Baku.
SOCAR acquired the stake through two transactions: purchasing 48.3% of Frenkel’s private company, Union Energy, which directly owns 14.5% of Tamar, effectively giving SOCAR a 7% share, and buying 3% of Tamar itself via shares in Tamar Petroleum. SOCAR also acquired roughly 17.9% of Frenkel’s holdings in Tamar Petroleum, a company holding about 16.75% of the field. Before the sale, Frenkel controlled a 24.99% stake in Tamar Petroleum.
Through these combined holdings, SOCAR secured its 10% position in Tamar alongside other major partners, including Chevron, the U.S. energy giant and field operator with 25%, and Mubadala, Abu Dhabi’s sovereign wealth fund holding 11%.