An agreement was signed here today between the Israel Oil Company and an overseas financial group under which the latter will advance $6,000,000 to the Israel Oil Company to enable it to sell an estimated 200,000 tons of oil on the local market. The financial group is composed of AMPAL-American Palestine Trading Corporation, American-Israel Oil Company and Overseas Discount Corporation.
The agreement will supply a working capital to permit the Israel Oil Company to obtain a steady supply of oil for the Israel market and thus contribute to the stability of the Israel Government oil policy. Israel’s estimated consumption of oil in 1952 is in excess of 1,000,000 tons. The current price is about $30 a ton.
Meanwhile, restrictions on the movement of private automobiles because of an oil shortage were today removed as adequate supplies of fuel became available
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