Israeli oil company to buy up Israeli crude oil stocks
Israel’s energy ministry says it will buy up up to 20 billion cubic meters of crude oil in a $25 billion deal with Israel’s largest oil producer.
The Israeli Energy Authority said on Friday that it would sell Israeli state-owned Aramco’s 1.5 billion barrels of crude and 1.8 billion barrels in Israeli-manufactured crude.
Aramco, the country’s biggest oil producer, is the largest holder of Israeli oil reserves and has an interest in buying up to 70 percent of its stock in Aramco.
The deal is subject to regulatory approval and a final price will be negotiated, the ministry said in a statement.