Carmel Olefins completes acquisition of 49% stake in Domo Polypropylene

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.
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