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{image_1} The first three quarters of 2004 have seen almost a 50 percent increase in Israel’s trade with Arab countries. Despite the Oslo War, Israel’s economic relations with Arab states are apparently warming up. Israel’s trade with the Arab world rose a total of 47.4 percent so far in 2004 to US $169.7 million, according to Israel’s Central Bureau of Statistics.
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{image_1} For the first time in many years, a new, commercially viable oil well has been discovered in Israel. The Lapidot Oil Company recently concluded a drilling in Heletz, northeast of Sderot, and found a deposit of some 750,000 barrels of oil.
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