Oil Refineries Announces Change in Chairman

Oct 25, 2013, 08:04 ET from Oil Refineries Ltd

HAIFA, Israel, October 25, 2013 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company,""ORL"), Israel's largest integrated refining and petrochemical group, announced that its Chairman, Mr. Akiva Mozes, asked to step down from his position of Chairman of the Board of Directors due to personal and temporary health reasons.  He will be temporarily replaced by Mr. David Federman, who has served as the Board of Directors' Vice Chairman for the last six years.  

Mr. Akiva Mozes will continue to serve as director of ORL, but due to the aforementioned circumstances Mr. Nir Gilad will be appointed, as an alternate director to Mr. Akiva Mozes in the interim.

This notice is a convenience translation of the Hebrew announcement - the only binding version is the Hebrew version, as published in the Internet sites of the Tel-Aviv Stock Exchange and the Israeli Securities Authority.

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 9, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. Besides production of fuels, the company produces in its wholly owned subsidiaries Polymers (through Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd), and Lube-Oils (through 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.

Company Contact:
Rony Solonicof
Chief Economist and Head of Investor Relations
Tel. +972-4-878-8152
Investor Relations Contact:
Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687

SOURCE Oil Refineries Ltd