Interviews
ORL Polymers generates operating profit of $8 mn
21 Aug '08
5 min read
Operating profit of the Aromatics Section in the first six months 2008 totaled $20 million, compared to $16 million in the first six months 2008. Consolidated net income for the first six months totaled $73 million, compared to $103 million in the same period last year.
On August 13, 2008, the Company's general meeting approved the acquisition of the 50% balance of shares in Carmel Olefins held by Israel Petrochemical Enterprises ("IPE"). In consideration for the shares, the Company will allocate IPE 20.53% of its share capital (following the allocation). The acquisition is part of the Company's business strategy and will enable it to leverage the full synergetic potential between the refining, polymer and aromatic segments. Completion of the transaction is subject to receiving the merger approval from the Israeli anti-trust authority and IPE receiving Control Permit from the Israeli Government.
Mr. Yashar Ben-Mordechai, Oil Refineries' CEO said "During first six months of 2008 we operated in both a volatile and unpredictable business environment. This quarter we operated with maximum flexibility in order to meet market demands. During this period we identified, and adapted ourselves, to take advantage of the rising global diesel prices. During the first six months we refined close to 4 million tons, of which 1,149 thousand tons were diesel, 17% higher than last year. Under the strategic plan, the erection of the new Hydro-Cracker will increase our utilization rate and the refined produce (especially middle distillates) turned out of each barrel of oil".
Mr. Yossi Rosen, Oil Refineries' Chairman of the Board noted, “We are gaining speed in the implementation of our strategic plan, which will both enable us to better meet the changing market demands as well as enable additional growth opportunities. Last week the Company's general meeting approved the acquisition of the 50% balance of shares in Carmel Olefins”.
“This acquisition will enable us to fully maximize the synergies while enabling Oil Refineries to mitigate the fluctuations in its various markets. We continue to increase the volumes of activity in the trade segment. Furthermore, during 2008 we started to supply both fuel and transportation diesel under the new Euro 5 standard. This step is expected to draw an increase in demand for more environmentally friendly fuels".
Oil Refineries Ltd (ORL), located in the bay area of the city of Haifa, operates Israel's largest oil refinery.
On August 13, 2008, the Company's general meeting approved the acquisition of the 50% balance of shares in Carmel Olefins held by Israel Petrochemical Enterprises ("IPE"). In consideration for the shares, the Company will allocate IPE 20.53% of its share capital (following the allocation). The acquisition is part of the Company's business strategy and will enable it to leverage the full synergetic potential between the refining, polymer and aromatic segments. Completion of the transaction is subject to receiving the merger approval from the Israeli anti-trust authority and IPE receiving Control Permit from the Israeli Government.
Mr. Yashar Ben-Mordechai, Oil Refineries' CEO said "During first six months of 2008 we operated in both a volatile and unpredictable business environment. This quarter we operated with maximum flexibility in order to meet market demands. During this period we identified, and adapted ourselves, to take advantage of the rising global diesel prices. During the first six months we refined close to 4 million tons, of which 1,149 thousand tons were diesel, 17% higher than last year. Under the strategic plan, the erection of the new Hydro-Cracker will increase our utilization rate and the refined produce (especially middle distillates) turned out of each barrel of oil".
Mr. Yossi Rosen, Oil Refineries' Chairman of the Board noted, “We are gaining speed in the implementation of our strategic plan, which will both enable us to better meet the changing market demands as well as enable additional growth opportunities. Last week the Company's general meeting approved the acquisition of the 50% balance of shares in Carmel Olefins”.
“This acquisition will enable us to fully maximize the synergies while enabling Oil Refineries to mitigate the fluctuations in its various markets. We continue to increase the volumes of activity in the trade segment. Furthermore, during 2008 we started to supply both fuel and transportation diesel under the new Euro 5 standard. This step is expected to draw an increase in demand for more environmentally friendly fuels".
Oil Refineries Ltd (ORL), located in the bay area of the city of Haifa, operates Israel's largest oil refinery.
Oil Refineries Ltd
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