Israel's largest oil refiner Oil Refineries Ltd. (ORL) has announced that Carmel Olefins Ltd. (COL) has completed on May 6, 2008, the closing on the transaction to acquire 49% of the outstanding share capital of Domo Polypropylene BV. COL is a private company in which ORL holds 50% stake.
Oil Refineries Ltd., 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 mln tpa of crude oil. 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.