NEW YORK (Dec. 20)
The American-Israel Petroleum Corporation, which was established by Ampal, yesterday declared its first dividend at a meeting of its board of directors. The dividend will be paid on or before February 15, 1954, to all holders of the common stock of the company as at December 31, 1953.
The corporation owns 25 percent of the stock of the Israel Fuel Corporation, which imports crude oil from Venezuela and other places, refining it at the Haifa refineries and distributing it among consumers in Israel. The American Israel Petroleum Corporation also owns 31 percent of the stock of Lapidoth Israel Petroleum Company, which is currently engaged in prospecting for oil, and is the first company to start drilling in Israel in the vicinity of the Dead Sea and other sites.