BREAKING NEWS

Steinitz welcomes Dead Sea agreement between ICL, Treasury

By GLOBES, JPOST.COM STAFF

DECEMBER 28, 2011 10:50

Finance Minister Yuval Steinitz welcomed Wednesday morning the agreement between Israel Corporation and the Treasury in an interview with Israel Radio.

Israel Corporation accepted the Finance Ministry's terms for the rehabilitation of the Dead Sea. Israel Corp. subsidiary Israel Chemicals Ltd. will pay NIS 3.04 billion for the salt harvesting in the southern basin of the Dead Sea.

Israel Corp. chairman Amir Elstein and Minister of Finance Yuval Steinitz signed the agreement Tuesday night on the financing of the salt harvesting and the higher royalties that will be paid to the state on Israel Chemicals' potash sales.

Under the proposal, Israel Chemicals will pay 90% of the cost of the salt harvesting and the government will pay 10%, and royalties on potash sales will double to 10% exceeding NIS 3 billion a year.

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