|By PR Newswire||
|January 2, 2013 12:51 PM EST||
HAIFA, Israel, January 2, 2013 /PRNewswire/ --
Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter "the Company,""ORL"), Israel's largest integrated refining and petrochemical group, announced yesterday:
1. As part of the Company's work plan and 2013 budget, as discussed by the Board of Directors, the Company will implement efficiency measures, improvements and savings in various fields of activity in light of, among others, the current market situation, globally and in Israel.
2. A) In this context, the Company's Chairman and Vice Chairman announced their initiative and decision to give up 10% of the management fees to which they are entitled, for the year 2013. Likewise, the Company's remaining directors (including external directors), also announced their initiative and decision to give up 10% of the remuneration to which they are entitled, for the year 2013.
B) In addition, the Company's CEO and other members of the Company's management also announced their initiative and decision to give up 10% of the salary to which they are entitled (with the exception for the provisions and benefits), for the year 2013.
At the end of 2013, the management fees, remuneration of directors and managers' salaries, will automatically revert back to their level had there not been a reduction.
3. As part of the discussion of the Company's work plan and 2013 budget, the Board decided to approve an early retirement plan for dozens of the Company's employees, during the year 2013.
In addition, the Company announced that pursuant to the Company's announcement of September 5, 2012 concerning the Company's Board of Directors' instructions to assess a full merger between the Company and its wholly-owned subsidiaries, including Carmel Olefins Ltd ("CAOL"), and on account of the complexity of implementation of the said full merger, the Company's Board has directed management to assess taking the required steps to take over CAOL's debts to its financing banks and to its debenture holders. To that extent, the Company intends to contact immediately the Company's and CAOL's banks and debenture holders to obtain their agreement to the said procedure, including their agreement to draw up a single set of financial criteria for all the aforementioned creditors that shall be based upon the consolidated data of the company. Taking over CAOL's debts by the Company, as stated, will allow the Company to enjoy most of the benefits of a full merger between the companies within a relatively short time frame.
In addition to the above, CAOL has received from those banks providing it with credit their agreement to extend the validity period of the relief measures in the waivers provided to CAOL in the past by said banks, according to the terms as stated by CAOL in its announcement of today's date. As part of these letters of agreement, CAOL has undertaken to provide the banks with a guarantee from the Company or other security satisfactory to the banks in respect to CAOL's commitments to them, not later than April 15, 2013. The Company estimates that the process of taking over CAOL's debts by the Company, as described above, might be complete before the aforementioned date, and therefore the provision of a guarantee will become superfluous. In the event that the process of taking over the debts is not completed by that date, the Company sees the provision of the said guarantee as an intermediary stage in the overall program to take over CAOL's debts as stipulated above.
The above - in respect to the Company's assessment concerning the process whereby the Company takes over the debts of CAOL from its creditors, formulating financial criteria based upon the consolidated company, and timing of the above process - are forward looking statements, based inter alia on the Company's plans and assessments, and are dependent, inter alia, on the agreement of CAOL's and the Company's financing bodies. Accordingly, there can be no certainty in respect to the completion of the aforementioned process and its timing.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city of Haifa, operates Israel's largest integrated refining and petrochemical group. It is one of the leading refineries in the Eastern Mediterranean area and integrates, on-site, petrochemical businesses. ORL runs sophisticated and state-of-the-art industrial facilities with a refining capacity of 9.8 million tons of crude oil per year and a Nelson Complexity Index of 7.4, providing a variety of quality products used in industrial operation, transportation, private consumption, agriculture and infrastructure. Besides production of fuels, the company produces in its wholly owned subsidiaries Polymers (through Carmel Olefins Ltd), Aromatics (through Gadiv Petrochemical Industries Ltd), and Lube-Oils (through Haifa Basic Oils Ltd). The Company's shares are listed on the Tel Aviv Stock Exchange under the ticker ORL. For additional information please visit http://www.orl.co.il.
ORL is controlled by the Israel Corporation Ltd. and Israel Petrochemical Enterprises Ltd., both public companies whose shares are traded on the Tel Aviv Stock Exchange.
The above noted in this release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's report
Chief Economist and Head of Investor Relations
Contact [email protected]
Investor Relations Contact:
Ehud Helft / Porat Saar
Tel. (US) +1-646-233-2161 / (Int.) +972-52-776-3687
SOURCE Oil Refineries Ltd
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 30, 2016 05:00 PM EDT Reads: 1,284
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Jul. 30, 2016 04:30 PM EDT Reads: 546
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 30, 2016 04:30 PM EDT Reads: 1,108
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 04:30 PM EDT Reads: 2,268
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jul. 30, 2016 04:15 PM EDT Reads: 614
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 30, 2016 02:30 PM EDT Reads: 1,056
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jul. 30, 2016 02:00 PM EDT Reads: 518
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 30, 2016 01:30 PM EDT Reads: 969
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 30, 2016 01:00 PM EDT Reads: 1,854
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 30, 2016 01:00 PM EDT Reads: 2,122
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 30, 2016 12:00 PM EDT Reads: 1,360
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 30, 2016 11:30 AM EDT Reads: 1,401
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 30, 2016 11:00 AM EDT Reads: 629
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 30, 2016 11:00 AM EDT Reads: 546
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 30, 2016 10:45 AM EDT Reads: 1,111