HAIFA, Israel, September 13, 2012 /PRNewswire/ --
Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries Ltd" or the "Company") Israel's largest integrated refining and petrochemical group, announced that pursuant to the Company's report on May 28, 2012 regarding the Company's announcement that its Chairman of the Board, Mr. Yossi Rosen, stated his intention to resign from his role as Chairman, the Company announces that the Board of Directors has nominated Mr. Akiva Mozes to the position of Director and has elected him Chairman of the Board of Directors. Mr. Mozes will begin his term on September 23, 2012.
In electing Mr. Mozes to the position of Chairman, the Board considered, inter alia, the rich experience accumulated by Mr. Mozes, who is, on September 21, 2012, finishing his incumbency as the CEO of Israel Chemicals Ltd. (ICL), a position that he held for 13 years, and his success in converting ICL into an international company.
The Board thanked Mr. Yossi Rosen once more for his services as the Company's Chairman and for his leadership of the company over a period of about five years during which he led an active Board of directors according to the principles of sound corporate management adopted close to the time of the Company's privatization, and during which, together with its management, he led the company in the implementation of a strategic plan approved by the Company's Board in 2007, which is presently nearing completion.
As the request of the Board, Mr. Yossi Rosen will continue to serve as an ORL director.
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. 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.
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 repor
Chief Economist and Head of Investor Relations
Investor Relations Contact:
Ehud Helft / Porat Saar
Tel. (US) 1-646-233-2161 / (Int.) 972-52-776-3687
SOURCE Oil Refineries Ltd