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American Groups Negotiating Investments in Oil Development Projects in Israel

American oil groups are interested in investing in oil development projects in Israel and are conducting negotiations with the Israel Government for this purpose, it was revealed at a press conference here today by Finance Minister Eliezer Kaplan.

The Minister said that the American investors are waiting for the next Parliament to adopt a law governing exploitation of minerals and oil before entering into the practical ### of the negotiations. He also disclosed that the government had completed its fiscal year with a surplus of 5,000,000 pounds ($14,000,000). He said that total national income was 68,000,000 pounds, while expenditures amounted to 63,000,000.

Commenting on the progress of the Israel bond drive in the United States, he said that prospects for its success are very good. Leaders of the drive, he reported, expect to have between $70,000,000 and $80,000,000 worth of bonds sold by the end of 1951. Mr. Kaplan said that a special committee has already been set up here to work out detailed plans for using the money raised by the bond sales. Top priority in spending this money will go to expanding Israel’s electric power production.

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