Draft legislation governing oil development in the State of Israel now approved by the Government and awaiting submission to Parliament, will encourage oil prospecting here and will maintain competitive conditions, Levi Eshkol, the Minister of Development, said today.
The bill divides the country into four major concession areas. Prospectors will be given 30-year concessions with renewal rights for another 20 years. They will pay royalties to Israel of twelve and a half percent of the oil produced and will also pay income tax under the prevailing rates. The government will establish an Oil Council and an oil commission which will supervise enforcement of the law.
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