Israeli officials disclosed today that Standard Oil of Ohio has acquired 90 percent of the Government-owned shares in Delek Oil Company, an Israeli firm. The American firm was reported to have paid $170,000 for the shares, which represent 9 percent of all Delek shares outstanding. The Government now holds 1 percent.
Standard of Ohio has no corporate ties with Standard Oil of New Jersey which has important oil concessions in the Arab world. Standard of Ohio reportedly bought the Delek shares to gain a foothold in Israel for marketing facilities.
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