Israeli Billionaire Buys into Oil Business

Israeli businessman Nochi Dankner wants in on the ‘black gold’ rush in Israel. Israel Newspaper Haaretz reported this week:

“Nochi Dankner is one of the latest Israeli businessmen to become smitten with the dream of discovering oil and gas, and has linked up with Yitzhak Sultan of Modiin Energy with the aim of fulfilling that dream.

On Saturday night, Dankner’s IDB Development announced an agreement with the controlling shareholder in Noya Oil, which controls oil and gas exploration partnership Modiin Energy.

The agreement provides for Sultan to sell IDB Development slightly less than half his stake in Noya and half his holdings in the participation units and warrants of the partnership. IDB did not say how much Dankner will pay, but said the amount is not a material sum to the company. Noya is fully owned by Sultan, who is also chairman of IDB Finance Underwriters.” (link to Haaretz article)

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