Oil Refineries Issues Notice Regarding Sales to Turkish Markets

Jun 03, 2010, 03:26 ET from Oil Refineries Ltd

HAIFA, Israel, June 3, 2010 /PRNewswire-FirstCall/ -- Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries" or the "Company") issued a statement yesterday, in light of the recent publications regarding the developments in Turkish-Israeli relations, declaring the Company's expected fuel and petrochemical sales to Turkey in 2010 to be between 7%-9% of total expected sales.

As of the publication of this announcement, the sale activities of ORL to Turkey are continuing, as usual.

It should be noted, that the products currently sold by ORL to Turkey can also be sold to alternative markets by ORL at prices not materially different. Expected sales for 2010 in Turkey, and other markets, as well as the information regarding alternative markets, reflect the knowledge and assessments of the Company at the time of the publication of this report, and can change based on global market developments, each target market's environment, the Company's business plans and the product demands by its customers. Therefore, there is no certainty that these estimates, which depend largely on factors over which the Company has no control, will be realized.

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 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 is also active in the area of Polymers and Aromatics through its holdings in Carmel Olefins Ltd and Gadiv Petrochemical Industries 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.

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:                   Investor Relations Contact:

    Rony Solonicof                     Ehud Helft / Porat Saar
    Chief Economist and Head of IR     CCG Israel
    Tel. +972-4-878-8152               Tel. (US) +1-646-233-2161 /
    Contact IREn@orl.co.il             (Int.) +972-52-776-3687
                                       info@ccgisrael.com

SOURCE Oil Refineries Ltd