Sale of Haifa Refineries Effected; Israel Govt. Secures Control
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Sale of Haifa Refineries Effected; Israel Govt. Secures Control

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A contract for the sale of the Haifa refineries from Shell Oil Co. to a new firm, “Posit,” owned largely by the Israel Government, was signed here today. Five of the eight directors of the company are senior Israeli officials, and one board member is Israel Wolfson, British financier, who is expected to give his minority share to the Weizmann Institute. The Israel-Swiss Bank of Geneva financed the deal.

In Tel Aviv, at the same time, Israel bought the IPC pipeline installations which include pipelines from the Israel frontier to Haifa. Thus Israel will now be in complete control of all oil refineries in Haifa, dock installations and anchorages, pipelines, and oil transport facilities.

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