The company must comply with a Ministry of the Environment directive.
The board of Oil Refineries Ltd. (TASE:ORL) has approved a NIS 185 million investment in infrastructures and improving the environment in the Haifa Bay area. The company will invest NIS 125 million in building infrastructure for handling natural gas and NIS 60 million in systems for reducing nitric acid emissions.
A recent Ministry of the Environment directive imposes strict limits on the emission of pollutants from January 2009, when natural gas will replace the use of crude oil as fuel at the refinery. Oil Refineries will build a pressurized rescue module system (PRMS) at the company’s outlet on the natural gas pipeline, and build an alternative network of pipes for the refining ovens and boilers, which will be driven by natural gas.
The Ministry of the Environment directive also greatly restricts the refinery’s emissions of nitrogen. To comply with the directive, Oil Refineries will install a chemical catalyzer, which will break down the nitric acid molecules into their constituent elements.
Oil Refineries chairman Yossi Rosen said that the investment reflected the shareholders’ commitment to the environment.
Published by Globes [online], Israel business news - www.globes.co.il - on July 26, 2007
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