ECONOMIC SURVEY (GPO)
August 10, 1994
PRIVATIZATION:
* PARKER DRILLING INTERESTED IN ACQUIRING CONTROLLING INTEREST IN LAPIDOTH
OIL EXPLORATION
Parker Drilling of Tulsa, Oklahoma one of the world's largest oil
exploration outfits is interested in purchasing a controlling interest
in Lapidoth Oil Exploration, Israel's sole owner of oil rigs. An offering
of stock in Government-owned Lapidoth had been scheduled for the Tel Aviv
Stock Exchange in early 1994, but was side-tracked owing to external
factors. Meanwhile, the Government Corporations Authority has decided not
to sell controlling interest in Lapidoth until the stock offering is
effected. (Globes, 9.8.94)
PEACE ECONOMY:
* EGYPTIAN OIL MINISTER AND TOP ENERGY OFFICIALS ON OFFICIAL VISIT TO
ISRAEL
Egyptian petroleum minister Hamadi al-Banbi has arrived in Israel on a
three-day visit as the official guest of Energy Minister Moshe Shahal.
During his visit, the Egyptian minister will visit Israeli industrial
facilities and meet with government officials, including Prime Minister
Yitzhak Rabin. A press conference will be held on Thursday, 11.8.94, at
12:00 hours, at the Rotenberg power plant in Ashkelon.
* BUSINESSMAN FROM DUBAI SIGNS REPRESENTATION AGREEMENT WITH INFO-PROD
A businessman from Dubai, representing a large Gulf trade concern with
extensive contacts in Amman, is currently in Israel establishing
relationships with Israeli sources. Earlier this week, an agreement was
signed naming Info-Prod Research as Israeli representative for the Gulf
firm. Info-Prod plans to establish a subsidiary which will deal in the
creation of trade relations with Arab states. (Ha'aretz, 8.8.94)
* ISRAELI PRODUCE SOLD IN PALESTINIAN AUTONOMY MUST OBTAIN CERTIFICATION
OF PALESTINIAN AGRICULTURE AUTHORITY
Israeli farmers wishing to sell produce in Gaza must obtain certification
from the Palestinian Agriculture Authority before their produce is shipped
to Gaza. The arrangement, finalized this week by Israeli and Palestinian
authorities, is similar to that which binds Palestinian farmers shipping
produce to Israel. The Agriculture Ministry has also announced that 20
Palestinian agronomists from Gaza have completed a course on methods of
examining agricultural produce toward the determination of export quality.
The course was offered by Israel's Agriculture Research Authority.
* CARMEL CARPETS INTENDS TO ESTABLISH AGENCY IN JORDAN SOON
Carmel Carpets formerly owned by MK Avraham Shapira, until financial
troubles caused it to be sold to the Eitani family intends to open an
official agency in Amman, Jordan. To this end, Eitani family members have
been engaged in talks with Jordanian businessmen, via a Jordanian MP who
previously resided in Nablus. ('Ha'aretz', 8.8.94)
FOREIGN TRADE:
* EXPORTS RISE BETWEEN 4-5% IN MAY-JULY
The Central Bureau of Statistics reported that exports rose between 4-5%
during the May-July period, as compared to the previous three-month
period. Israel exported $1.34 billion in goods during this period.
Industrial exports (excluding diamonds) rose by 3-4% from the
January-April quarter. Two-thirds of all July exports were industrial in
nature, 32% were diamond exports and agricultural goods accounted for 2%
of the export total. The trade deficit during the May-July period stood at
about 6%.
* LAURENCE TISCH BUYS INTO ISRAEL EXPORT DEVELOPMENT CORPORATION.
Laurence Tisch, President and Chairman of the Board at telecommunications
giant CBS, has joined the group of shareholders in the Israel Export
Development Corporation the leading force behind the establishment of a
Free Export Processing Zone in Israel. This is the first time his name has
been associated with a large-scale business venture in Israel. (Ha'aretz,
8.8.94)
* ORMAT TRADES 4% OF ITS SHARES TO PRATT & WHITNEY IN EXCHANGE FOR 38% P&W
SHARE IN BEIT SHEMESH ENGINES.
Ormat Turbines made a private placement of 4% of its shares to US engine
manufacturer Pratt & Whitney last week, in return for the 38% of Beit
Shemesh Engines held by P&W. According to Ormat officials, the deal is
worth about NIS 16 million. Ormat now controls about 96% of Beit Shemesh
Engine's shares after having purchased the Government's 58% stake in the
engine and turbine part manufacturer.