HAIFA, Israel, April 28 /PRNewswire/ -- Oil Refineries Ltd. (TASE: ORL.TA) (the "Company" or "ORL"), Israel's largest oil refiner, announced today that, following the press release dated January 24, 2008, with respect to a wholly owned foreign subsidiary of Carmel Olefins Ltd. (a private company in which ORL holds 50%, hereinafter: "COL") signing an agreement to acquire 49% of the outstanding share capital of Domo Polypropylene BV (hereinafter: "Domo"), COL has notified the Company that as of April 25, 2008 all the prerequisite conditions were met (approval of the relevant anti-trust authorities, as well as the receipt of an environmental report with respect to the condition of the ground on which the Domo plant is situated).
Furthermore, COL notified the company that the Closing date for the purchase agreement is expected to take place during the first part of May 2008.
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, IREn@orl.co.il; Investor Relations Contact: Ehud Helft \ Fiona Darmon, GK Investor Relations, Tel: 1-866-704-6710 \ +972-54-566-3221, firstname.lastname@example.org