The Cabinet approved on Sunday a plan for the state to buy Israel Corp.'s 26% stake in Israel Oil Refineries (Bazan) for at least NIS 570m., the Finance Ministry said.
The sale price is based on the average value of two appraisals that took place in June 2003 and is linked to the consumer price index, beginning from July 1, 2003. If the deal does proceed, it will pave the way for the full privatization of Bazan, as this will give the government full ownership of the company and allow it to carry out its plan of separately selling the monopoly's refineries in Ashdod and Haifa.
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