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Haifa Refineries to Resume Large Scale Export of Petroleum Products

December 1, 1965
See Original Daily Bulletin From This Date

Petroleum will again become a major Israeli export item, for the first time since the Arabs cut the Iraq-Haifa pipeline, it was indicated here today. Under a three-year agreement signed with a major overseas company, the Haifa Refineries will export $20,000,000 worth of refined products annually in addition to an average of $10,000,000 worth being exported annually now to fill small orders.

A capital fund of 2,000,000 Israeli pounds ($666,666) will be launched by the Government of Israel this month, to aid plants in development areas and those engaged in export, it was announced here today. Loans from the fund will be made to aid expansion of the plants concerned or for overcoming capital shortages. The fund will be administered jointly by the Minister of Commerce and Industry and the Bank of Israel.

A marked decline in building activity during the third quarter of 1965, disclosed in data published today, evoked concern among government economists because the Israeli building industry is often an indicator of future economic trends. The number of buildings completed declined 21 percent.

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