The Shell Oil Company announced here that it had completed today the formal transfer of all its installations and assets in Israel, as well as the assets of British Petroleum, to an investment group headed by Isaac Wolfson, British industrialist. Though the actual purchase price was not announced, it was understood that the value of the property transferred was in the vicinity of 4,250,000 pounds ($12,100,000).
Included in the transfer were all stores of petroleum products including the stores and installations in Haifa, the bulk oil depots at Tel Aviv, Jerusalem and Beersheba, 50 service stations throughout the country and additional pumps, tank trucks and other equipment. The investor group was organized under the name of IWOL.
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