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Oil Refineries 50%-Held Carmel Olefins Commissions New Facilities
HAIFA, Israel, July 4 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter: the
"Company"), Israel's largest oil refiner, announces that, following notice
received from Carmel Olefins Ltd. (hereinafter: "COL") (50% owned by the
Company), the management of COL notified its Board of Directors that it has
completed the erection and commissioning of new facilities, as part of the
Expansion Project. According to COL's notice, following the commissioning of
the new facilities, COL's polypropylene production capacity is expected to
increase from about 200 thousand tons per annum to about 450 thousand tons
per annum. For additional details about the Expansion Project see sections
7.7.9 and 7.9.3.10 of the Company's prospectus published on February 13,
2007.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, is 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
Company Contact:
Jacob Hirsch
CFO, Oil Refineries
Tel. +972-4-878-8115
jhirsh@orl.co.il
Investor Relations Contact:
Ehud Helft \ Fiona Darmon
GK Investor Relations
Tel. +1-866-704-6710 \ +972-54-566-3221
info@gkir.com
