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Merhav, Hapoalim
In Gas Deal
Jerusalem (JPFS) — Herzliya-
based Merhav succeeded in ar-
ranging financing for a $180
million gas booster station on be-
half of the government of Turk-
menistan, Bank Hapoalim said.
Hapoalim will be a lender in
the consortium, which is head-
ed by Holland's largest bank,
ABN-AMRO. Hapoalim will
lend the project up to $40 mil-
lion with the backing of the Is-
rael Foreign Trade Risks
Insurance Corp.
Chief contractor for the three-
year project is Israel's Bateman
Engineering, with the equip-
ment being supplied by U.S., Is-
raeli and Czech companies.
World Bank Funds
Industrial Park
Siemens will use these
investments to encourage
the companies to develop
specific technologies. In return,
the Israeli enterprises will be
able to benefit from Siemens'
well-developed marketing chan-
nels.
Siemens' public communica-
tions division has annual sales
of $24.3 billion, representing 13
percent of the company's total
sales.
Siemens established an Is-
raeli subsidiary in 1995. Since
then, the company has pur-
chased Ornet, a Karmiel-based
telecommunications' products
developer; entered into a joint
venture with Elscint, the mak-
er of medical detection devices;
and invested in the Star venture
capital fund.
Meanwhile, Orbotech Ltd., a
Yavne-based maker of auto-
mated inspection systems used
in the manufacture of printed
circuit boards, announced that
it acquired a 51 percent stake in
a division of W. Schuh GmbH &
Co., of Bad-Pyrmont, Germany,
in exchange for $10.8 million
and 85,209 ordinary Orbotech
shares.
Orbotech has an option to
purchase the remaining equity
interest in Schuh over the next
five years.
Jerusalem (JPFS)— The World
Bank is ready to transfer $10
million to the Karni industrial
park as soon as Israel and the
Palestinian Authority (PA) ar-
rive at a final security arrange-
ment, James Wolfensohn,
president of the bank, told Israel
Minister of Industry and Trade
Natan Sharansky.
Currently, the two sides are
trying to resolve security issues,
such as where security checks
of goods going from Karni, which
is located in the Gaza Strip, into Jerusalem(JPFS) — Israel and
Hungary have agreed to estab-
Israel should take place.
"The whole idea behind Karni lish a free-trade area as of Jan.
is that, even in the event of a clo- 1, the Israel Industry and Trade
sure, goods would be able to Ministry announced.
Hungarian import taxes im-
come into Israel even if people
couldn't," said Eli Kazhdan, Sha- posed on Israeli goods will be
equivalent to those currently
ransky's senior adviser.
At a meeting with donor na- levied on imports from the Eu-
tions in Gaza last month, Israel ropean Union, according to the
and the PA committed themselves agreement.
The breakthrough came after
to work as quickly as possible to
difficulties in the negotiations
establish the park at Karni.
in which Israel claimed there
was unfair and increasing dis-
crimination against Israeli
goods, in comparison to those
from the EU, European Free
Trade Association, Central Eu-
rope, and Turkey, according to
Jerusalem (JPFS) — The pub- the ministry.
lic communications division of
Annual bilateral trade totals
Siemens AG, the Munich-based $105 million, with Israeli ex-
electronics giant, is currently in ports totaling $60 million.
advanced stages of negotiations
A free-trade agreement with
to purchase 10-percent stakes Poland will also come into effect
in two undisclosed Israeli com- on Jan. 1.
panies, said Ofra Lyth, Siemens'
Israel has similar agreements
Israeli spokeswoman.
with the Czech Republic and
Within the next two weeks Slovakia, and is finalizing a
Siemens will announce a final treaty with Slovenia.
deal with each of the companies,
Israel also has free-trade
which both develop electronics agreements with the United
for the communications indus- States, Canada, Turkey, and the
try, Lyth said.
European Union.
Israel, Hungary
Free-Trade Pact
Siemens Stake
In Two Firms
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