HAIFA, Israel, April 5, 2011 /PRNewswire-FirstCall/ -- Oil
Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company," "ORL"),
Israel's largest integrated
refining and petrochemical group, announced the appointment of Mr.
Pinhas Buchris as Chief Executive
Officer of ORL, effective May 1,
2011.
In his previous role, Mr. Buchris served as General Manager of
the Israel Ministry of Defense from 2007-2010. Before that he was a
Managing partner in Apax Fund, a private equity investment
group.
Mr. Buchris completed an Advanced Management Program at
Harvard University, a BSc in Computer
Sciences at the Technion University and an MBA at Derby
University's Israel branch.
Mr. Yossi Rosen, Chairman of the
Board of Oil Refineries: "The Company and Board of Directors are
happy to welcome Mr. Buchris as CEO of ORL. We are confident in Mr.
Buchris' abilities to continue leading ORL and implementing its
strategic plan, so that it can stay on track with its goal of
becoming the strongest and most competitive refining and
petrochemical company in the Mediterranean Basin."
Mr. Rosen thanked outgoing CEO, Mr. Yashar Ben Mordechai for his eleven years of
service as CEO of ORL and wished him luck on his future role as
Senior Advisor for Projects and Business Development.
Additional announcements
(1) A convenience translation of a full report outlining the
details of the new CEO's remunerations terms, will be available on
ORL's investors relations website (http://www.orl.co.il, under
"investors relations"), by the week of April
11, 2011.
(2) Mr.Hanan Klachouk, the
General Manager of ORL's Industrial Sector, notified the Company
about his resigning, effective from of June
30, 2011.
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. The Company's petrochemical sector produces
Polymers (through its ownership of Carmel Olefins Ltd), Aromatics
(through its ownership of Gadiv Petrochemical Industries Ltd), and
Lube-Oils (through its ownership of 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
Contact IREn@orl.co.il
Investor Relations Contact:
Ehud Helft / Porat Saar
CCG Israel
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
info@ccgisrael.com
SOURCE Oil Refineries Ltd