Israeli firm Delek has begun the process of selling off its 31.25% stake in the country’s 10 tcf Tamar offshore gas field, as required by 2016’s Gas Outline.

Delek Group last week set up a special purpose vehicle, Tamar Petroleum, to market an initial 9.25% via a bond issue and an IPO.

Delek says  it expects to raise a combined $1-1.2bn through this week’s bond issue of 5% of Tamar, with a further 4.25% floated via an IPO next week. The upper $1.2bn valuation implies...