Photo Credit: Moshe Shai / Flash 90
'Tamar' gas processing rig 24 km off the Israeli southern coast of Ashkelon.

Delek Drilling LP has begun to sell its rights in the Tamar offshore natural gas field, in accordance with the gas outline agreement signed with the Israeli government.

The “floatation” is worth about $1.2 billion, the biggest ever to be offered on the Tel Aviv Stock Exchange (TASE).

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But it’s not likely to go that far afield: Tamar Petroleum is expected to purchase the 9.25 percent stake – and Tamar Petroleum is the company that was established by Delek Drilling, to ensure the firm would be able to buy the rights to its gas field.

The entire process, according to the Globes business site, is expected to be wrapped up by the end up July.

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