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Analyses on Naphtha (4)
- March 26, 2026March 26, 2026
- Follow-up
Nefta: The U.S. Activity Is No Longer Just Background Noise
In 2025 Nefta's U.S. layer moved from background noise to optionality with a cost: it produced an operating loss, impairment, a legal provision, doubtful debts, and a service shutdown, while Texas remains an option that still depends on customers.
- Follow-up
Nefta: After Tamar Phase 1, What Still Has to Happen Before Export Really Moves
Tamar phase-one completion, the compressor upgrade, Nitzana, and the Ksem agreement do not sit on the same clock. Engineering progress is already visible, but export monetization still sits behind it and remains capital-heavy.
- Follow-up
Nefta: How Much of Tamar Actually Reaches the Listed Shareholder
A Nefta shareholder does not own 28.75% of Tamar, but economics that pass through 18.4% of Isramco Negev 2, about 5.28% through-chain rights, about 4.62% of asset-level revenue, and only then through overriding royalties, minorities, and distribution restrictions.
Nefta in 2025: Tamar Is Moving Ahead, but Shareholder Value Is Still Filtered on the Way Up
Nefta is a filtered way to own Tamar: the core asset is improving operationally, but stock quality will be determined by how much of that improvement makes it through the minority layer, the debt stack, and the export-infrastructure spend.
