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Israel Oil Refineries Q3 profit falls on lower refining margin

November 15/2019

MOSCOW (MRC) -- Israelís Oil Refineries (ORL) reported a 56% drop in quarterly net profit on weakness in its polymers business and as refining margins fell, said Hydrocarbonprocessing.

ORL, Israelís largest refining and petrochemicals group, earned USD7 million in the third quarter, down from USD16 million a year earlier.

Its adjusted refining margin was USD6.3 a barrel in the quarter, compared with Reutersí quoted Mediterranean Ural Cracking Margin of USD3.3 a barrel and USD8.1 a year earlier.

Revenue rose 5% to USD1.62 billion.

The company said it will pay a USD50 million dividend, the same as the second quarter. ORL is controlled by Israel Corp, which holds a 33.1 percent stake.

As MRC informed earlier, Israelís Oil Refineries (ORL) reported lower quarterly net profit, saying timing differences on the value of its inventory offset higher refining margins. ORL, Israelís largest refining and petrochemicals group, earned USD63 million in the third quarter, down from USD74 million a year earlier.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,589,580 tonnes in the first nine months of 2019, up by 7% year on year.  Shipments of all PE grades increased. The estimated PP consumption in the Russian market was 976,790 tonnes in January-September 2019, up by 4% year on year. Shipments of PP block copolymer and homopolymer PP increased.

ORL, Israelís largest refining and petrochemicals group, said at this stage it was unable to predict the results of the investigation and its implications for ORL and Gadiv.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE.
Category:General News
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