JERUSALEM: Delek Drilling said on Monday it had signed a non-binding deal to sell its stake in the east Mediterranean natural gas field Tamar to Abu Dhabi’s Mubadala Petroleum for $1.1 billion.
The deal, if finalized, would be one of the most significant developments since Israel and the United Arab Emirates agreed to normalize ties last year.
The Tamar gas field is one of Israel’s primary energy sources and is able to produce 11 billion cubic meters of gas each year. That is enough to cover much of the Israeli market as well as exports to Egypt and Jordan. Delek holds a 22% stake in the field, which is operated by Chevron.
Delek, which also holds a major stake in the even larger Leviathan gas field nearby, is selling its Tamar stake to comply with government moves to open the market to more competition.
Delek said the aim was to try to complete the deal, which would require approval by Israel’s Energy Ministry, by the end of May.
Delek may sell Israeli gas field stake to UAE’s Mubadala for $1.1bn
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Delek may sell Israeli gas field stake to UAE’s Mubadala for $1.1bn
- The deal, if finalized, would be one of the most significant developments since Israel and the UAE agreed to normalize ties last year
No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah
CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.
According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.
Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.
Sale not in management’s hands
Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.
He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”
High market value
Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.
