The Government of Israel has made agreement with a group of foreign investors, including Baron Edmond de Rothschild, of Paris, for a $25,000,000 financing of a 16-inch oil pipeline between Elath and Haifa. Ten million dollars will be allotted by the syndicate toward the purchase of the existing, government owned, 16-inch line from Beersheba. The remaining $15,000,000 will be spent on the replacement of the present eight-inch line from Elath to Beersheba.
The new 16-inch line all the way from the Gulf of Akaba port of Elath to Haifa will make it possible to pipe 5,000,000 tons of oil annually directly to the refineries at Haifa The Government is understood to have guaranteed to the investors a seven percent annual profit.
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