No 33



Israel Corp To Sell Stake In ORL Back To Government

The Israeli holding company Israel Corp (IC) has announced its intention to sell its 26% stake in Oil Refineries Ltd (ORL) back to the government, which owns the remaining 74%. ICs share of ORL is estimated to be worth $112mn. Under the terms of an agreement with the government the state can buy the shares within 30 days, but can take up until June 2005 before implementing the deal.

ORL operates two...