SOCAR Acquires Stake in Tamar Gas
SOCAR Azerigas PU, the State Oil Company of Azerbaijan, has signed an agreement to acquire 48% of Union Energy, a Maltese company controlled by Israeli businessman Aaron Frenkel, which holds a 20% stake in Israel’s Tamar gas field.
As part of the deal, SOCAR will also purchase 18% of Tamar Petroleum Ltd. (TASE: TMRP) for USD 153 million, subject to regulatory approvals. The Tamar field, operated by Chevron, is a key supplier of natural gas to Israel and regional markets.
Arnon, Tadmor-Levy advised SOCAR on the transaction, with Simon Weintraub, Avi Anouchi, and Idan Adar leading the team. Shiri Shaham and Shai Margalit handled capital markets matters, Ayal HaCohen and Or Belkin advised on competition law, and Aharon (Roni) Osborne led regulatory aspects.
Eitan Shmueli and Gregory Irgo from Lipa Meir advised Union on the sale of Tamar Petroleum shares, with Dr. Yariv Ilan advising on competition matters.
The deal holds significant commercial and geopolitical implications for the region.
