HAIFA, Israel, May 20 /PRNewswire-FirstCall/ -- Oil Refineries Ltd. ("Oil Refineries" or the "Company") announced today that it has been notified by Carmel Olefins Ltd. (a 50%-held private company), (hereinafter "CAOL"), that on May 19, 2008 CAOL received the protocol of the hearing held before the Ministry of Environmental Protections on May 1, 2008 in relation to the smoke emission event that occurred on April 9 2008 (hereinafter "the Protocol"). This Protocol includes a demand to immediately cease the activity of the Monomer unit, until the installation of all that is required according to "Best Available Technique", including required backups to avoid malfunctions; and all this to the satisfaction of the Ministry and the "Haifa District Municipal Association" (hereinafter "the Demand"). Furthermore, CAOL clarified before the Company that to the best of its knowledge the "Monomer Unit" refers to the cracking unit manufacturing, among other things, Ethylene and Propylene.
CAOL also notified the Company that it is currently studying the Protocol and examining the possible means of action given the Protocol and the Demand.
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;
