Tel Aviv — Ampal-American Israel Corp. (Ampal) is negotiating with an international investor for the sale of a minority stake in its Gadot Chemical Tankers and Terminals Ltd. Ampal confirmed that talks were underway. Gadot is Israel’s leading fertilizer, chemical, and petrochemical distribution and storage company. The company dominates the Israeli market, and has a strong presence in Europe with tanker and storage facilities. Gadot does not publish separate financial reports, but is said to be extremely profitable. Ampal majority shareholder Yossi Maiman is facing increasing financial difficulties due to the cutoff of natural gas deliveries from Egypt, and financial industry analysts noted that a sale of a stake in Gadot could give him a much needed cash infusion. Ampal is a minority shareholder in East Mediterranean Gas Supply Corp., the sole supplier of gas from Egypt to Israel until the Egyptian government cancelled its agreement with the company earlier this year.
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