Two years of negotiations between the Israel Government and the Anglo-Iranian Oil Company and the Consolidated Refineries Company have been successfully concluded with the reaching of an agreement covering various aspects of the Israel oil industry, the Israel Embassy here announced today. The agreements will now be presented to the Israel Cabinet and the boards of both companies and, if approved, will be submitted to the Israel Parliament in the form of a bill.
The draft agreement, which is contained in a thick volume, covers among other things: the possible expansion of Israel’s petro-chemical industry; operations of the market; various tax problems; and matters concerning the physical plant of the Haifa refineries which are owned by Consolidated Refineries.
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