HAIFA, Israel, May 29 /PRNewswire/ --
- Recently Launched Campaign to Promote use of Euro 5 Transportation Fuel Standard
Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the "Company") announced today that, in line with its strategic plan, it has filed a shelf prospectus in Hebrew. This shelf prospectus will enable the Company to swiftly and efficiently raise capital from the Israeli capital market during the next two years, in order to finance the investment and acquisition plan outlined in the Company's strategic plan, as well as to meet the Company's credit requirements. This Prospectus will grant Oil Refineries the highest level of flexibility to choose the optimal time and scope of the capital raising, while enabling the Company to issue a broad variety of securities, including debentures.
Mr. Yossi Rosen, Oil Refineries Chairman of the Board noted, "The capital to be raised under this shelf prospectus will support the implementation of the Company's growth strategy including the hydrocracker project, currently in planning stages, projects in the areas of environmental protection, co-generation and trade, as well as additional projects aimed at driving growth and profitability."
Mr. Yashar Ben-Mordechai, Oil Refineries' CEO said "This shelf prospectus will offer us substantial flexibility in raising capital in order to finance future projects, as part of the Company's expansion plans, while granting us the opportunity to take advantage of various opportunities in the local capital market to best meet Oil Refineries' financing requirements."
Oil Refineries recently initiated a broad campaign to promote the widespread use of the transportation fuel standard equivalent to the Euro 5, in order to position Israel as one of the world's leading countries in terms of environmentally friendly transportation fuels adoption. This step is accompanied by a broad advertising campaign, serving as an additional step in Oil Refineries' new strategy as well as its investment plan, which calls for, among others, the development of environmentally friendly products and contributing to the overall environmental agenda. The Euro 5 Fuel Standard is the most environmentally friendly standard available today and is already being used in Sweden, Finland, Denmark, Poland, Hungary, Austria and Germany.
The prospectus is available for download in Hebrew from the investor relations section of the Company's website - http://www.orl.co.il, under Company Releases.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), 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 million tons of crude oil per year, with a Nelson complexity index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. 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. ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: http://www.orl.co.il.
Contacts Company Contact: Rami Sasson EVP Business Development & Capital Markets Oil Refineries Ltd.; Tel. +972-4-878-8114; ContactIREn@orl.co.il Investor Relations Contact: Ehud Helft \ Fiona Darmon GK Investor Relations Tel. +1-866-704-6710 \ +972-54-566-3221 info@gkir.com
Company Contact: Rami Sasson, EVP Business Development & Capital Markets, Oil Refineries Ltd.; Tel. +972-4-878-8114; ContactIREn@orl.co.il; Investor Relations Contact: Ehud Helft \ Fiona Darmon, GK Investor Relations, Tel. +1-866-704-6710 \ +972-54-566-3221, info@gkir.com
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