Oil Refineries acquires remaining stake in Haifa Basic

Oil Refineries Ltd. (ORL) has acquired the remaining 14% stake in Haifa Basic Oils Ltd. (HBO) from Sonol Israel Ltd. and Granite Hacarmel Investments Ltd., for a consideration of ILS35.6 million (US$9.56 million). HBO is a manufacturer of various grades of base oils and paraffin wax, while Sonol Israel is a petroleum marketing company. Granite Hacarmel is a marketer and distributor of refined petroleum, liquefied petroleum gas (LPG), chemicals, paints, lubricants, greases and related products. (March 12, 2010)