Israel-american Oil Corporation Drops Prospecting of Oil in Israel

The Israeli-American Oil Corporation, which incorporates the “Miami group” of investors in Israeli enterprises and which has invested more than $3,500,000 in unsuccessful prospecting for oil in Israel, announced plans today to drop prospecting and become a general development corporation.

Yekutiel Federman, president, said the revamped firm will have the name of Israel-American Industries. It will finance a new hotel and textile factory in the Arad section, a new development area. The project, he estimated, would cost 3,000,000 pounds ($1,680,000). It will include a housing project on Mount Carmel, in Haifa.

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