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Israel Oil Refineries appointed new chief executive

June 23/2021

MOSCOW (MRC) -- Israel Oil Refineries (ORL, Israel's largest refining and petrochemicals group, said that Malachi Alper has been named as its chief executive as of Aug. 1 to replace Moshe Kaplinsky, said Reuters.

Kaplinsky will become chairman to replace Ovadia Eli who is retiring. ORL is based in the port city of Haifa. Alper had previously served as chief executive of the Paz Refinery (PZOL.TA) in the southern city of Ashdod between 2008 and 2020.

As MRC informed earlier, Kaplinsky took over as CEO in June 2020, while Eli was chairman since January 2015.

Also we remind that Israels Oil Refineries (ORL) swung to a loss in the fourth quarter, hit by the coronavirus pandemic, and said it had saw signs of recovery so far in 2021. ORL, Israels largest refining and petrochemicals group, said it lost USD68 million in the October-December period compared with zero profit a year earlier. Revenue dipped 39% to USD952 million. Its adjusted refining margin was USD4.3 a barrel in the fourth quarter, compared with USD5.2 a year earlier but above Reuters quoted Mediterranean Ural Cracking Margin of a negative USD0.1. ORL said that since the start of 2021, refining and polymer margins have risen sharply.

Ethylene and propylene are feedstocks for producing PE and PP.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, Israel Oil Refineries, Israel.
Category:General News
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