The refining of crude oil by an Israel Government-sponsored fuel corporation will begin early next year, it was officially announced here last night. The corporation, known as the Israel Fuel Corporation, will produce up to 30 percent of Israel’s local needs in gasoline kerosene and Diesel fuel within three years.
The government is subscribing half of the corporation’s 650,000-pound capitalization, the announcement said. Other shareholders in the concern include: Anglo-Palestine Bank; Capital Investment Company; Noa Transport Company; Hamashbir Hamerkazi, central supplying institution for the co-operative movement; and Zim Navigation Company. Dr. Gershon Meron, director of the Foreign Ministry’s economic department, is resigning to head the company, which will have a managing council of 12 persons.
The announcement also stressed that Israel has been paying out some $2,500,000 in hard currency monthly to obtain the various fuels needed on the domestic market. It is estimated that $40,000,000 to $45,000,000 worth of oil will be needed in 1952. The first crude oil stocks bought by the new corporation, 120,000 tons, have been purchased by the new corporation.
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