HAIFA, Israel, March 21, 2011 /PRNewswire-FirstCall/ -- Oil
Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"),
Israel's largest integrated
refining and petrochemical group, announced today that CEO, Mr.
Yashar Ben Mordechai, tendered his
resignation at yesterday's Board of Directors meeting, after 11
years in the role.
Mr. Ben Mordechai will retire
after the appointment of a new CEO and completion of an overlapping
period. Mr. Ben Mordechai accepted
the Board's request to remain in the Company for an additional two
years to facilitate the managing of key projects undertaken by the
Company, as well as the development of new businesses.
Mr. Ben Mordechai noted: "I
decided to tender my resignation after determining that the
Company's strategy, initiated in 2007, was on track and in the
advanced stages of implementation and that the Company was ready
for the next stage of development."
Mr. Yossi Rosen, the Company's
Chairman, along with the Board, thanked Mr. Ben Mordechai for contributions: "Yashar has
been with the Company for over thirty years, during which the
Company went from being a State-owned, to a publicly traded. He
also oversaw the merger between the Company and Carmel Olefins,
Haifa Basic Oils, and Gadiv; the initiation of the 2007 strategy,
whose cornerstone was a $600 million
investment in a hydrocracker; and various other synergetic
projects. We thank him for his loyalty and leadership."
The Board will now undertake to seek a replacement for Mr.
Ben Mordechai, during which he will
remain in his position until a new CEO is appointed and fully
on-boarded.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city
of Haifa, operates Israel's largest integrated refining and
petrochemical group. It is one of the leading refineries in the
Eastern Mediterranean area and integrates, on-site, petrochemical
businesses. ORL runs sophisticated and state-of-the-art industrial
facilities with a refining capacity of 9.8 million tons of crude
oil per year and 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's petrochemical sector produces
Polymers (through its ownership of Carmel Olefins Ltd), Aromatics
(through its ownership of Gadiv Petrochemical Industries Ltd), and
Lube-Oils (through its ownership of Haifa Basic Oils Ltd). The
Company's shares are listed on the Tel Aviv Stock Exchange under
the ticker ORL. For additional information please visit
http://www.orl.co.il.
ORL is controlled by the Israel Corporation Ltd. and Israel
Petrochemical Enterprises Ltd., both public companies whose shares
are traded on the Tel Aviv Stock Exchange.
The above noted in this release includes forward-looking
statements based on Company data, as well as Company plans and
estimations based on this data. The activity, results and other
data may be substantially different in reality given uncertainty
and various risks, including those discussed under risk factors in
the Company's financial statements and Director's reports.
Company Contact:
Rony Solonicof
Chief Economist and Head of
Investor Relations
Tel. +972-4-878-8152
Contact IREn@orl.co.il
Investor Relations Contact:
Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
info@ccgisrael.com
SOURCE Oil Refineries Ltd