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Israel Sells Share of Fuel Company

The government sold its 75 percent interest in the Paz fuel oil group Monday to an Australian-based investments conglomerate.

The $95 million deal was the biggest to date in the government’s program to sell its industrial assets to private investors. Finance Minister Moshe Nissim said the proceeds would be used to reduce the national debt, not to expand the budget.

He signed the deal in Jerusalem Monday with Australian millionaire Jack Lieberman, who said, “We see this as the first in a series of investments in Israel.”

Lieberman heads the JGL investment group.

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