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Regions :: Middle East

ICL to freeze investments in Israel in protest at proposed new taxes on natural resources

2:51 AM MDT | August 7, 2014 | Natasha Alperowicz

Israel Chemicals’ (ICL; Tel Aviv) board of directors on Wednesday reiterated the company’s decision to freeze $750 million of new and previously approved investment in Israel and to critically examine the feasibility of $ 1 billion of other projects that were part of its long-term plans. ICL will also evaluate whether to cease production of several existing products, including magnesium metal, bromine compounds and certain downstream phosphate products, or to continue to reduce costs in these operations, if necessary by trying to attract new partners...

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