HAIFA, Israel, May 12 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company" or "ORL"), Israel's largest oil refiner, announced that Carmel Olefins Ltd. (a private company in which ORL holds 50%, hereinafter: "COL") completed on May 6, 2008, the closing on the transaction to acquire 49% of the outstanding share capital of Domo Polypropylene BV (hereinafter: "Domo"), under the terms of the press release dated January 24, 2008.
On January 24, 2008 the company announced that a wholly owned foreign subsidiary of COL had signed an agreement to acquire 49% of Domo, this was followed by an additional press release dated April 28, 2008 announcing that all prerequisite conditions for the acquisition had been met.
About Oil Refineries Ltd.