Oil Refineries Ltd. (ORL)

IPE controls ORL, together with The Israel Corporation Ltd., and directly and indirectly holds about 30.7% of ORL’s shares.

ORL is one of largest and most complex energy groups in Israel, operating the country’s largest refining and petrochemical complex in Haifa Bay. ORL’s maximum oil refining capacity is approximately 26,600 tons (197,000 barrels) per day in a range of high value-added distillates. Today, ORL is ranked 7.4 on the Nelson Complexity Index – the highest ranking for its type of refinery in the Eastern Mediterranean region.

In 2007, ORL announced an aggressive USD 1.1 billion strategic investment plan for driving growth in new energy markets, while expanding its existing activities in Israel and abroad. The plan calls for the upgrading of key assets, particularly the refining facilities in Haifa and its extensive petrochemical infrastructure.

One of the highlights of ORL’s strategic investment plan includes an investment of some USD 500 million in the construction of a new plant for the production of clean fuels, one of the most major investments in the Israeli economy in recent years. The clean-fuel plant is expected to increase output by about 25,000 barrels of distillates per day and generate significant contribution. Another highlight in ORL’s strategic plan is a substantial investment in environmental quality, reliability and safety, including a transition to the use of natural gas.

Since its merger with CAOL at the end of 2009, ORL has achieved optimization of the production processes at its refining and petrochemical facilities. Thanks to the integrated management of its complex of facilities, including its wholly owned subsidiaries: Carmel Olefins Ltd. (polymers), Gadiv Petrochemical Industries Ltd. (aromatics) and Haifa Basic Oils Ltd., ORL has succeeded in increasing its cost efficiency and maximizing profits according to the market conditions.

During 2010, ORL launched two additional major projects to fully tap the potential offered by these synergies.

Click here for more information about ORL on its web site.