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Israels Oil Refineries Q1 profit falls, refining margins up

May 17/2019

MOSCOW (MRC) -- Israelís Oil Refineries (ORL) reported lower quarterly net profit, saying timing differences on the value of its inventory offset higher refining margins, said Hydrocarbonprocessing.

ORL, Israelís largest refining and petrochemicals group, earned √ج63 million in the third quarter, down from USD74 million a year earlier.

Its adjusted refining margin was USD7.7 a barrel in the quarter, compared with Reutersí quoted Mediterranean Ural Cracking Margin of USD3.6 a barrel and USD5.5 a year earlier.

Revenue fell to USD1.57 billion from USD1.65 billion.

ORL is controlled by Israel Corp, which holds a 33.1 percent stake.

As vMRC informed earlier, in May, Oil Refineries (ORL) said its chief executive, Yashar Ben Mordechai, will step down at the end of the month, citing personal reasons.

Oil Refineries Ltd is an Israel-based oil refinery company. The Company is engaged in three areas of operation: Refining, Petrochemicals and Trade segment. The Company mainly deals in the production of crude oil products, polymers used as raw materials in the plastics industry, aromatic materials for the chemical and petrochemical Industries and basic oils and waxes used as raw materials in the production of other products.
Author:Anna Larionova
Tags:petroleum products, petrochemistry.
Category:General News
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