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Income from Oil Industry in 1971 to Pay for Domestic Oil Consumption

Israel is expected to earn sufficient income from its oil industry in 1971 to pay for its entire domestic oil consumption, according to Deputy Finance Minister Zvi Dinstein. Mr. Dinstein said Israel consumes $65 million worth of oil per year. He estimated that next year’s income from oil produced locally and in the Sinai fields captured from Egypt will amount to $47 million. In addition, Israel expects a profit of $18 million from oil transported in its tankers and through the Eilat-Ashkelon oil pipeline and from oil products produced at the Haifa refineries.