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Israel Oil Refineries buys Haifa Basic Oils stake

Posted / Last update: 08-01-2010

Israel Oil Refineries Ltd. informed it has acquired an extra 24.5% stake in Haifa Basic Oils Ltd. from Paz Oil Co. Ltd. for 59 million shekels ($15.5 million). After this sale, Oil Refineries will own 74.5% of Haifa Basic Oils, a company which produces paraffin and other wax and oil products

Oil Refineries also said it has reached a deal to possibly buy the rest of Haifa Basic Oils from other shareholders over the next five years. Paz said it would report a profit from the sale. Oil Refineries was privatized in 2007 and has a refinery in Haifa with a capacity of 180,000 barrels a day.

Paz also operates a refinery in addition to a petrol stations nework and supplies cooking gas to homes.

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