Israeli firms sign fuel deal with PA
Published Tuesday 29/05/2012 (updated) 31/05/2012 17:53
TEL AVIV, Israel (Ma'an) -- Israeli firms on Monday announced they had signed a two-year deal to provide oil to the Palestinian Authority, the Israeli daily Haaretz reported.
The deal between Oil Refineries, Petrochemical Industries and the PA is valued at 1.9 billion shekels ($491 million), according to the report.
ORL said in a statement to the Tel Aviv Stock Exchange the deal is for two years beginning Oct. 1.
ORL will provide 50 percent of the Palestinians' fuel needs in a deal that can be cancelled up to 90 days in advance, Reuters reported separately.
This is the first time ORL, Israel's largest refinery and a subsidiary of Israel Corp, will be selling fuel to the Palestinians.
On Monday, Paz Oil said it extended a deal to supply at least 50 percent of the Palestinians' fuel needs through October 2014.
Paz had previously shared the supply deal with Dor Alon.