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Carmel Olefins: Acquisition by Oil Refineries

Israel's largest oil refiner Oil Refineries (ORL, Haifa / Israel; www.orl.co.il) has acquired the remaining shares of Carmel Olefins (Haifa / Israel; www.carmel-olefins.co.il), bringing the subsidiary under its full control. The deal involved ORL buying up all Carmel shares held by Israel Petrochemical Enterprises (IPE, Tel Aviv / Israel; www.israel-petro.co.il) in return for IPE receiving 17.75% of ORL shares, effectively upping its stake in ORL to 30.7%.

ORL hopes the acquisition will optimise existing production processes.

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