Oil Refineries Announces Departure of CEO Pinhas Buchris
HAIFA, Israel, February 27, 2013
HAIFA, Israel, February 27, 2013 /PRNewswire/ --
Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter " the C ompany, " " ORL "
) , Israel's largest integrated refining and petrochemical group, announced
that on February 26, 2013 the Company's Chief Executive Officer, Pinhas
Buchris, requested of the Chairman of the Board, Akiva Mozes, to begin a
search for a new CEO.
During his tenure as CEO, Mr. Buchris initiated a far reaching organizational
restructuring and efficiency strategy, while completing the construction of
the hydrocracker and integrating it with the Company's manufacturing
processes, thus adapting the Company to the changes in the global energy
market. These changes will serve as growth engines for the Company in the
coming years and long term.
The Company's Chairman, Mr. Akiva Mozes, said this morning , "I thank Mr.
Buchris for initiating this significant organizational restructuring and
change in the Company's corporate culture. His efforts will contribute
greatly to ORL." Mozes added: "A search committee will be established as soon
as possible by the Board of Directors to select a new CEO."
Mr. Buchris said he would continue to hold office and will give notice
regarding the end of his term once an appropriate candidate has been found.
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 9, 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
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.)
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