JERUSALEM, April 22 A group developing the Tamar
field off Israel's Mediterranean coast said on Sunday they
signed a $902 million financing deal for the natural gas site.
The Israeli partners in Tamar will receive the money from a
consortium of 11 foreign and local banks led by Barclays
and HSBC, they said in a statement to the Tel
Aviv Stock Exchange.
Texas-based Noble Energy is leading the group
developing the Tamar prospect, which contains an estimated 9.1
trillion cubic feet of gas, or about 250 billion cubic metres.
It is set to come online in mid-2013 and be the main source of
natural gas for Israel until production of the Leviathan site,
with an estimated 450 million bcm begins in 2017.
Noble holds 36 percent of Tamar. Isramco Negev
owns 28.75 percent, Avner Oil Exploration and Delek
Drilling hold 15.625 percent each and Dor Gas
Exploration has a 4 percent stake.
Delek Drilling and Avner, both units of conglomerate Delek
Group, will receive limited recourse loans of $400
million each while Dor will get $102 million. Some $190 million
of the loans will go towards paying back a bridge loan the group
received in June 2010.
The loans are for eight years but could be shortened, the
The group has already signed a number of deals, including
one for $8 billion to supply Israel's state-run electricity
utility with gas.