Israeli energy giant plans $1.1 billion gas deal with UAE company
Israeli energy giant plans $1.1 billion gas deal with UAE company
JERUSALEM--An Israeli firm is set to sell its stake in a vast offshore gas project to an Emirati company for $1.1 billion, the biggest commercial deal yet after the two countries normalised ties.
“Delek Drilling of Israel has announced the signing of a non-binding Memorandum of Understanding with Mubadala Petroleum of Abu Dhabi, UAE for the sale of Delek Drilling's 22 percent non-operated stake in the Tamar gas field,” they said in a joint statement Monday.
“If finalised, the transaction will be the largest commercial agreement” since the United Arab Emirates normalised ties with Israel in a US-sponsored accord last year, the statement said.
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