A $2 billion offer by Abu Dhabi’s national oil company and BP to buy a 50% stake in Israeli gas producer NewMed has been put on hold due to uncertainty in the region, NewMed said on Wednesday.
NewMed said all parties had agreed to pause negotiations, although Abu Dhabi National Oil Co (ADNOC) and BP have reaffirmed their interest in the deal.
The announcement sent NewMed’s share price down by nearly 8% in Tel Aviv morning trade. Shares in its parent company, Delek Group, fell nearly 4%.
