GENERAL

Hammer Plans Oil Exploration Consortium in Israel 

In an unexpected announcement, Mr. Armand Hammer, the Chairman of Occidental Petroleum, has said that he is forming an exploration consortium to search for oil in Israel and that he is personally investing $1mn in the new venture, which is planned to get under way next January. Mr. Hammer made the statement on 20 November during a dinner in Los Angeles attended by Mr. Yitzhak Shamir, the Israeli Foreign Minister. The...