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Oil Refineries Subsidiary Carmel Olefins Updates on Result of Tender for 51% of Petkim
HAIFA, Israel, July 5 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company" or "ORL"),
Israel's largest oil refiner, announced today that, following the press
release from May 20, 2007, Carmel Olefins ("COL"), in which ORL holds 50%,
notified the Company that, as part of the tender for the sale of control in
Turkish petrochemical company - Petkim Petrokimya Holdings A.S. ("Petkim"),
COL, and its Turkish partner for the sake of the tender, submitted a final
offer ("Final Offer") totaling US$ 1,785 million for the acquisition of 51%
of Petkim, as part of the competitive pricing stage led today in Ankara by
the Turkish Privatization Authority. This Final Offer was not accepted. The
winning offer for the acquisition of 51% of Petkim totaled US$ 2,050 million,
reflecting a total company value for Petkim of US$ 4,019 million.
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 Hirsh
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
