Azerbaijan's SOCAR has agreed to purchase a 10% stake in the Israeli offshore gas field Tamar from businessman Aaron Frenkel, according to a source. Frenkel's stake in Tamar includes 14.5% held directly and the remainder as part of a stake in Tamar Petroleum. The sale follows Frenkel's recent sale of a 2% stake in Bank Leumi. SOCAR's investment in Tamar has geopolitical implications and strengthens economic ties between the US, Azerbaijan, and Israel. Chevron, the operator of Tamar, has reportedly approved of the investment.
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