Oil Refineries Announces Examining Merger Between the Company and Carmel Olefins
HAIFA, Israel, April 6, 2008 /PRNewswire/ -- Oil Refineries Ltd. (the "Company"), Israel's largest oil refiner, has announced today that the Company, together with Israel Petrochemicals Enterprises Ltd., are jointly examining the possibility of a merger between Carmel Olefins Ltd. (in which the Company holds 50%, hereinafter: "Carmel Olefins"), and the Company, following which, should the said transaction be completed, the Company will hold 100% of Carmel Olefins. At this present stage there is no certainty as to whether the said examination will bring to any binding relationship, and, if so, under which structure and conditions.
About Oil Refineries Ltd. Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest oil refinery. ORL operates sophisticated and state-of-the-art industrial facilities with refining capacity of 9 million tons of crude oil per year, with a Nelson complexity index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. The Company is also active in the area of Aromatics and Polymers through wholly-owned Gadiv Petrochemical Industries Ltd. and 50% owned Carmel Olefins Ltd. ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: www.orl.co.il
Contacts Investor Relations Contact: First Call Analyst:
CONTACT: Rami Sasson, EVP Business Development & Capital Markets of Oil Web site: http://www.orl.co.il/
2008-04-06 15:59:26 0328802 PRNEWSWIRE
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