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Abu Dhabi City
The move is a major step forward in the already growing Israeli-Emirati cooperation after that leading GCC countries and Israel signed the Abraham’s Agreement. The deal is still a major surprise, as if agreed and put into action will deliver a major stake in Israel’s energy resources to the Emiratis, a move not imaginable a year ago. Since last year, a wide-range of military-security and energy related contracts and agreements have been signed between Abu Dhabi parties and Israeli companies.
As stated in an official press release, Delek and Mubadala have agreed to an US$1 billion deal, that will bring the 22% stake of Delek into the hands of the SWF. Delek Drilling, in a notification to the Tel Aviv Stock Exchange and the Israel Securities Authority, indicated that the deal also entails an additional $100 million conditioned on certain terms and goals being met. The expected deal should be finalized by May 31.
The Tamar offshore natural gas platform. (Delek Drilling)
Israeli energy giant Delek Drilling announced Monday that it had signed a memorandum of understanding to sell its entire stake in Israel’s Tamar offshore gas field to the Abu Dhabi government-owned Mubadala Petroleum, potentially handing the United Arab Emirates a major share in one of the Jewish state’s key strategic and economic assets less than a year after the countries established diplomatic ties.
The deal for the 22 percent stake is worth $1 billion, with an additional $100 million conditioned on certain terms and goals being met, according to a notification about the agreement sent by Delek Drilling to the Tel Aviv Stock Exchange and the Israel Securities Authority. The companies said they aim to finalize the deal by May 31.
Mubadala eyes $1bn gas deal as UAE-Israel ties deepen
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The Abu Dhabi fund would make the acquisition through its energy arm
April 26, 2021
A United Arab Emirates sovereign wealth fund plans to buy a stake in an Israeli natural-gas field for up to $1.1bn, in what would be one of the first major business deals since the nations normalised ties last year.
Abu Dhabi’s Mubadala Investment Co., a fund with $232bn of assets, announced a memorandum of understanding to buy Delek Drilling LP’s 22 per cent stake in the Tamar offshore field, the Israeli company said.