IDT Expands Oil Shale Business Into Israel as Shares Drop Below $1

IDT Corp has been granted a licence to produce oil from oil share reserves in Israel. The deal will allow IDT 7 years exclusivity on mining and extracting oil from the countries vast oil shale fields between Kiryat Gat and Bet Shemesh. This deal follows only months after IDT had purchased the rights to rich oil shale land in Western Colorado.

This deal seems to solidify the fact that IDT Chairman, Howard Jonas, views the oil shale business and not so much telecom, as the future of the company. Investors seem to be reluctant to believe that this oil shale industry can be capitalized on any time soon, as witnessed in the sharply declining company stock price, dropping below the $1 mark for the first time today even after the announcement of the deal in Israel!