Oil Refineries Ltd. (TASE: ORL.TA) (hereinafter " the C ompany, " " 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.
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.
Source: Oil Refineries Ltd.
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