JERUSALEM Feb 20 A group developing the Tamar
field off Israel's Mediterranean coast said it was set to
receive a loan for up to $500 million from Deutsche Bank
to further develop the natural gas site.
The funds from the seven-year loan will also go towards
paying back a $350 million bridge loan, one of the partners in
the group, Isramco Negev, said in a statement to the
Tel Aviv Stock Exchange.
The loan is still subject to the signing of a detailed and
Texas-based Noble Energy is leading the group
developing the Tamar prospect, which contains an estimated 9.7
trillion cubic feet of gas (274 billion cubic metres).
It is set to start production in April and be the main
source of natural gas for Israel until the Leviathan site, with
an estimated 450 million bcm, comes on line in 2017.
Noble holds 36 percent of Tamar. Isramco owns 28.75 percent,
Avner Oil Exploration and Delek Drilling
hold 15.625 percent each and Dor Gas Exploration has a 4 percent
Last year, Tamar borrowed $902 million from a consortium of
11 banks led by Barclays and HSBC.
Tamar has already signed a number of large deals, including
one to supply as much as $23 billion of natural gas to
state-owned utility Israel Electric Corp and $4
billion worth to units of conglomerate Israel Corp.