The Israel-American Oil Corporation announced today that it had completed an exchange of shares with the "Miami Group" under which it acquired a 20 percent interest in Israel Oil Ventures, which operates the Heletz-Brur oil fields in Israel .The Miami group, headed by Xavier Federman, Samuel Friedland and Max Orovitz, obtained in exchange 80 percent of the common shares of Israel-American Oil.
Seven new directors were elected to the Israel-American board following the exchange. The new board elected George Friedland, chairman; George S. Buchanan, president; Xaver Federman, vice-president; Samuel Stein, vice-president; Reuven Dafni, secretary-treasurer, and J. A. Brin, assistant secretary-treasurer.
Israel-American common is listed on the American Stock Exchange.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
