HAIFA, Israel, August 5 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company"), Israel's largest oil refiner, announced today that, further to the Company's release of June 4, 2008 regarding signing of the Second letter of Undertaking by Israel Corporation Company ("Israel Corporation") vis-a-vis Israel Petrochemicals Enterprises Ltd. ("IPE") and Petroleum Capital Holdings Ltd. ("Petroleum") ("Second letter of Undertaking"), the Israel corporation has issued an immediate report regarding the signing of a third letter of undertaking vis-a-vis IPE and Petroleum ("Third Letter of Undertaking"). A full convenient translation of the said immediate report is available in the Company's website, http://www.orl.co.il, under "Investor Relation".
As detailed in the report on the transaction that the Company described in the Company's release of July 10, 2008, regarding an agreement for the purchase of 50% of the shares of Carmel Olefins, Israel Corporation conditioned its vote at the general meeting of the Company, which is called for August 13, 2008 on approval of said agreement, upon completion of the negotiations to amend the Second letter of Undertaking. In the above mentioned report, Israel Corporation advised that with signing of the Third letter of Undertaking, the required condition was met, and Israel Corporation intends to vote at said general meeting in favor of approving the said agreement.
For additional details, see the said convenient translation of the immediate report issued by Israel Cooperation, as specified above.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of Haifa, is Israel's largest Oil refinery. Using its sophisticated and state-of-the-art industrial facilities, ORL is capable of refining approximately 9 million tons of crude oil per year providing a variety of products used in industrial operation, transportation, private consumption, agriculture and infrastructures. With the refining business representing 90% of the Company's total activities, ORL produces refined products with a high added value by using complex refinery facilities and at 7.4 on the Nelson Complexity Index, among the highest in the East Mediterranean region. The Company has a maximum crude oil refining capacity of approximately 24,800 tons per day (180,000 barrels per day). Over 75% of the Company's produce goes to local consumption, while the balance is exported, primarily to the Mediterranean basin. The company is active in the area of Polymers and Aromatics through its holdings in Carmel Olefins Ltd. and wholly-owned Gadiv Petrochemical Industries Ltd. Oil Refineries is traded on the Tel Aviv Stock Exchange under the ticker ORL. The Company also provides power and heat services (electricity and steam) to industrial customers in the Haifa Bay, as well as infrastructure services (storage, pumping and truck loading of fuel products). ORL is traded on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit the Company's website: www.orl.co.il
Contacts Company Contact: Rami Sasson EVP Business Development & Capital Markets Tel. +972-4-878-8114 contactIREn@orl.co.il Investor Relations Contact: Ehud Helft / Fiona Darmon GK Investor Relations Tel. 1-646-797-2868 / 972-54-566-3221 info@gkir.com
Contacts: Company Contact: Rami Sasson EVP, Business Development & Capital Markets, Tel. +972-4-878-8114, contactIREn@orl.co.il. Investor Relations Contact: Ehud, Helft \ Fiona Darmon GK Investor, Relations Tel. 1-646-797-2868 \ 972-54-566-3221 info@gkir.com
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