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
https://arab.news/2vxc5
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
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
