Menu JTA Search

Israeli Investors Suspend Talks on Purchasing Shell Oil Interests

Negotiations between a group of private investors, including Solel Boneh, the Histadrut’s industrial complex, and Shell Oil Company for the purchase of British oil interests in Israel have been suspended, the Israeli press reported today.

According to reports from London, the Solel Boneh group offered 4,500,000 pounds sterling ($12, 600, 000) for all installations, gasoline stations and oil stocks in Shell tanks in Israel. Solel Beneh was said to have offered to pay the entire purchase price within four months. Such prompt payment, unusual in oil deals, led to speculation here that the private group had the blessing of the government because it could only hope to obtain such a large sum of foreign currency from the Israel Treasury.