The Israel-American Oil Corporation is diversifying its operations in Israel by investing funds also in other “gainful areas” in addition to searching for oil, it was announced here today by the firm.
In the corporation’s annual report to its 12, 000 American shareholders, belief is expressed that “a broader investment base would net greater immediate and long-range profits for the company.” Much of the profit, the report said, is expected to come from investments in real estate, construction and industrial development, all of which are “now in a boom period in Israel.”
At the same time, however, the report struck a note of confidence regarding future oil finds in Israel, declaring: “We are secure in the knowledge that the sub-surface of Israel’s land bears formations which are definitely oil producing.” The corporation is still prospecting for oil in Israel, the report stressed.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
