Glazer backs out of Negev oil exploration venture

Glazer's associates say there were disagreements on business strategy with the venture's owners.

Sources inform ''Globes'' that Ofer Glazer, the husband of Bank Hapoalim controlling shareholder Shari Arison, recently pulled out of an investment totaling several million dollars in a venture to produce petroleum from oil shale in the Negev. The investment was one of several Glazer intended to make through his holdings company.

The venture's owners, AFSK Industries (TASE: AFSK) controlling shareholders Cemeon Kazanski and Israel Feldman returned Glazer's money. Glazer and his partner were to have invested $10 million for 70% of the rights in the venture. Sources close to Glazer say he did not see eye-to-eye with the venture's owners over their plans, and was building on an immediate investment and flotation.

Feldman and Kazanski hold a patent on the production of fuel products through a company they hold privately hold, AFSK Good Heat Ltd. The two are now seeking an alternative partner following Glazer's withdrawal, preferably a foreign investor, and are holding talks with two US companies, one of which is a major telecommunications carrier.

Published by Globes [online], Israel business news - www.globes.co.il - on February 21, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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