Oil Refineries Ltd Announces the Appointment of Yisrael Lederberg as Chief Financial Officer

Sep 11, 2012, 03:00 ET from Oil Refineries Ltd

HAIFA, Israel, September 11, 2012 /PRNewswire/ --

Oil Refineries Ltd. (TASE: ORL.TA) ("Oil Refineries Ltd" or the "Company") Israel's largest integrated refining and petrochemical group, announced yesterday the appointment of Yisrael Lederberg as the Group's Chief Financial Officer.  Mr. Lederberg will be replacing Yigal Salhov, the Group's current CFO, on December 1, 2012, following a handover period which will overlap with the outgoing CFO's time.

Pinhas Buchris, the CEO of the ORL Group thanked Mr. Salhov "for his contributions in what has been a very active period, with great challenges from carrying out the strategic program. Among other things, this involved raising large amounts of capital for the Company's investments in the hydrocracker project and other general purposes." Mr. Buchris also thanked Mr. Salhov "for the support he provided to me when I was settling in as CEO and for the long period Mr. Salhov served as CFO of the Company's subsidiary Carmel Olefins, before being appointed as ORL's CFO."

In welcoming Mr. Lederberg, Mr Buchris stated:  "I welcome Yisrael Lederberg to the Company's management team.  The combination of Yisrael's financial and management experience, together with his professional capabilities, make him an excellent choice as the Company's CFO.  I am certain Yisrael will integrate himself very quickly into our top management team and will be a full partner in the implementation of ORL's strategy and its continuing growth in the coming years."

Buchris also added, "The Company's management today is faced with carrying out wide ranging managerial processes and serious strategic tasks in order to transform ORL into an efficient, competitive, profitable and technologically advanced Company.  We are continuing to expand our strategic plan, incorporating commercial thinking, improving the interfaces between the various units and continuing to create the basis for a new and comprehensive organizational structure."

Until recently Yisrael Lederberg served as Deputy CEO and CFO of HOT, a leading cable company in Israel, where he was involved in its merger with other cable companies in 2007.  Before that, in 1996, he was involved in setting up 012 Golden Lines, a leading Israeli phone line service, where he served as the company's CFO.

Mr. Lederberg  has a BA in Economics and Accounting and an MBA from the Hebrew University in Jerusalem.

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 report.

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