The State of Israel will make oil purchases from the Royal Dutch Shell group here to the extent of 12,500,000 pounds ($35,000,000) during the next 18 months, the financial editor of the London Evening Standard reported today.
Payment will be made from West Germany’s sterling credits held in the European Payment Union, he declared, under provisions in the German-Israel reparations pact calling for provision of sterling credits for this purpose.
Israel’s monthly oil expenditures here are estimated at between 700,000 and 800,000 pounds sterling. Israel has already received assignment of credits from Germany for its first oil purchases under the agreement.
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