Israel Corporation: We will sell our stake in Oil Refineries after it is privatized, if doing so is consistent with our strategy at the time.
"The Israel Corporation promised not to buy shares of Oil Refineries when it is floated. To the contrary: When the Oil Refineries becomes a public company, Israel Corporation will be able to sell its stake in the company, if the sale converges with the group's strategy," said Israel Corp president and CEO Yossi Rosen. Rosen was responding to yesterday's decision by the Prime Minister's Bureau.
Under the proposed arrangement, all the public assets granted to Oil Refineries when its franchise was approved will be returned to the state, and the government will place these assets at the company's disposal under an operating, leasing, or other agreement, for a price to be determined in negotiations. Such a deal will allow the oil economy to continue operating.
Published by Israel's Business Arena on 15 January 2002