Oil Refineries and Carmel Olefins mull merger

Israel's largest oil refiner - Oil Refineries Ltd., together with Israel Petrochemicals Enterprises Ltd., is jointly examining the possibility of a merger between Carmel Olefins Ltd. Oil Refineries Ltd., that currently holds 50% stake, is seeking to acquire a 100% stake in Carmel Olefins. 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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