The Israel Government will spur the search for oil in Israel by setting up a government-sponsored oil prospecting company.
The Cabinet voted yesterday to establish an oil prospecting company under its sponsorship and with a Government grant of 2,500,000 pounds ($1, 390,000). Participation in the new company is open to the public and the company will become a public corporation as soon as five million pounds of its 20 million pounds capital is subscribed.
Dr. Y. Foerder, president of the Bank Leumi L’Israel, was named chairman of the board of the new enterprise.
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