Israel's ORL now majority owner of Haifa Basic Oils

Israel’s Oil Refineries Ltd. (ORL) bought a 24.5% stake in Haifa Basic Oils from Paz Oil Co. for US$16 million. ORL now owns 74.5% of the company. ORL outbid Emilia Development Ltd. for the stake. Haifa Basic Oils is located inside ORL’s premises in Haifa. It produces 75,000 tons a year of basic oils of various grades used to manufacture lubricant oils for industrial use. Delek Group and Sonol Ltd. own the remaining 25.5% of Haifa Basic Oils. ORL may try to buy the remaining shares in the company from Delek and Sonol, though this is likely to be at a higher price. (January 4, 2010)