Oil Refineries facility
צילום: אלעד גרשגורן
ORL notes $87M loss in 2011
Israel's Oil Refineries reports major losses, posts $73 million profit for 2011
Oil Refineries Ltd (ORL), which is under joint Israel Corp and Israel Petrochemical Enterprises ownership, posted its financial performance reports for 2011 this week, noting an annual $87 million loss and a $73 million profit.
ORL Chairman Yossi Rozen said that "2011 was a very uncharacteristic year for ORL. We had to deal with many unforeseeable events and challenges.
"The past year has made the board of directors and shareholders even more determined to implement a long-term strategic plan, meant to create a business environment for ORL that would minimize its (risk) exposure and turn it into a more profitable company."
Oil Refineries presented $27 million in operational revenue – a 65% drop compared to 2010; and a $21 million operational lose.
Still, the company was able to generate cash flow amounting to $117 million in 2011.
As part of its strategic business plan, ORL invested $144 million in 2011 in the fields of environment, security and operational safety.
Company CEO Pinhas Buchris noted that, "ORL has seen a challenging year in the arena in which it operates… which has made its mark on its annual performance and especially its Q4 performance.
"The company's strategic operations expanded in 2011," he noted, "As we continued to promote infrastructure that would position us as a more efficient, competitive and profitable company.
"The new organizational changes will allow us better synergy and will improve our performance as well as cut costs," Buchris said.
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