The plan to create a 'high-tech Riviera' will give residents a reprieve from the polluting oil refineries and petrochemical industry that make them sick
Israel's Oil Refineries (ORL) (ORL.TA) swung to a profit in the second quarter as it continued to recover from coronavirus fallout, and said it would undergo a gradual transformation into renewable energy.
Middle EastIsrael s Oil Refineries chairman to step down, CEO to succeed
Reuters
1 minute read
Israel s Oil Refineries (ORL) (ORL.TA), Israel s largest refining and petrochemicals group, said on Tuesday its chairman, Ovadia Eli, plans to step down in the second quarter after more than six years on the job.
No reason was given for his resignation.
ORL s board appointed chief executive officer Moshe Kaplinsky as chairman once Eli leaves.
Eli will also head a committee to search for a new CEO, ORL said.
By Reuters Staff
2 Min Read
JERUSALEM (Reuters) - Israel’s Oil Refineries (ORL) said on Sunday it swung to a profit in the first quarter citing the country’s gradual recovery from the coronavirus pandemic, which had hit refining margins.
ORL, Israel’s largest refining and petrochemicals group, reported a $55 million net profit in the January-March period compared with a $146 million loss a year earlier. Revenue dipped 10% to $1.28 billion.
Its adjusted refining margin was $4.3 a barrel in the first quarter, compared with $1.7 a year earlier and above Reuters’ quoted Mediterranean Ural Cracking Margin of negative $0.2.
CEO Moshe Kaplinsky also commented on the uncertainty regarding plans for developing Haifa, the port city in northern Israel where ORL is based. A government panel has recommended phasing out the petrochemical industry in Haifa’s bay within a decade in favor of other sectors and to improve air quality.