22.11.2010 • NewsIsraeloil refineriesQ3 2010

Israel's Oil Refineries Q3 Net Profit Falls

Israel's Oil Refineries posted sharply lower quarterly net profit on Sunday, due to a decline in refining margins. Oil Refineries, Israel's largest refining and petrochemical group, posted third-quarter net profit of $25 million compared with $100 million a year earlier. Revenue rose to $1.71 billion from $1.45 billion.

The company said its adjusted refining margin was $1.7 per barrel, the same as the average Mediterranean Ural Cracking Margin quoted by Reuters. The margin was $8.1 a barrel in the third quarter of 2009.

"Despite the weakness in the fuel markets, there is an impressive strengthening of the petrochemical markets, particularly in the area of polymers," CEO Yashar Ben Mordechai said in a statement.

"Moreover, we are beginning, following the reported period, to see signs of stronger refining margins in the Mediterranean basin."

Oil Refineries noted the price of oil rose in the third quarter, reaching $81 per barrel by the end of the quarter.

It said significant progress was made in connecting a natural gas pipeline to the company's facilities. The project, expected to be completed by the end of the year, will allow Oil Refineries' facilities to run on natural gas and yield operational efficiencies.

Free Virtual Event

Vaccine Manufacturing
Bioprocess Forum

Vaccine Manufacturing

Join global experts and innovators for a two-day virtual event exploring the latest breakthroughs and best practices in vaccine manufacturing. Discover how new technologies and process innovations are shaping the future of vaccine production, safety, and scalability.

Whitepaper

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)
Setting the Standard

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)

Are you ready to elevate your pharmaceutical operations? Download our exclusive whitepaper and discover how compliance with Good Distribution Practice (GDP) is essential for the safety and integrity of pharmaceuticals.