Posit, the Israel-controlled firm set up to buy the Haifa refineries from Shell Oil Company, today announced the purchase from the British-owned Iraqi Petroleum Company of that part of the Iraq-Haifa pipeline which lies in Israel territory.
The agreement included the purchase of storage tanks, pumping installations and other equipment for oil transport belonging to the Iraqi Petroleum Company. Isaac Wolfson, British financier, is a board member of Posit.
Posit officials also announced they had insured the refineries with a group of Israel insurance firms for a total of 20,000,000 pounds sterling, a figure about 14 times as large as the price reportedly paid for the refiners. The insurance coverage was understood to be based on the estimated cost of rebuilding the entire refinery system, plus the estimated operating losses if the refineries were destroyed.
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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.
