The upgrade will enable the company to refine medium and light crude oil with higher refining margins.
The board of Oil Refineries Ltd. (TASE:ORL),under new chairman Yossi Rosen, has approved a $50 million upgrade of its refining facilities in order to broaden the types of crude oil it can handle. The upgrade is due to be completed during the first half of 2009.
The company says that the upgrade will enable it to refine crude oil with higher refining margins by focusing on medium and light crudes. The upgrade will enable the smooth transition to the refining of these crudes without shutting down the refinery and losing production days, which will also improve use of the refinery.
Oil Refineries currently refines 100,000 of barrels of crude oil a day.
Published by Globes [online], Israel business news - www.globes.co.il - on August 19, 2007
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