Isramco Negev 2 Ltd. Partnership (ISRA.L.TV), a partner in Israel's large offshore Tamar natural gas field, said Wednesday it has agreed to a $500 million loan from Deutsche Bank AG (DB).
Isramco Negev 2 Ltd. Partnership (ISRA.L.TV), a partner in
Israel
's
large offshore Tamar natural gas field, said Wednesday it has agreed to a $500
million loan from Deutsche Bank AG (DB).
The loan will allow Isramco to pay back bridge loans to its other creditors as
well as fund the development of Tamar.
Isramco owns 28.7% of Tamar, which is estimated to contain about 9 trillion
cubic feet of natural gas and is scheduled to begin production later this year.
The gas from the field is likely to boost
Israel
's
gross domestic product growth in 2013 by at least 1 percentage point, with the
overall economy expected to expand 3.8%, the Bank of Israel said.
Most of the gas will be for domestic supply contracts, but government officials
have said they are willing to sell it abroad, including to neighboring
Jordan
.
It isn't clear however if other Middle Eastern countries, or companies based
there, would buy the gas, due to the region's troubled politics.
At 1116 GMT, shares of Isramco were up 0.007 shekels, or 1.13%, at ILS0.625
($0.17), in a higher Tel Aviv market.
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