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Oil Refineries’ Completes Acquisition of Balance of Carmel Olefins from Israel Petrochemical Industries

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Tuesday, January 5th, 2010

As reported in by Standard and Poor’s , following completion of the transaction, ORL holds 100% of CAOL, while IPE increases its holding in ORL to 30.7%, and the Israel Corp. and the public will respectively hold 37.1% and 32.2% of the Company. In parallel to the completion of the transaction, the Israeli Government has approved an amendment to the Control Permit which broadens IPE’s Control Rights in ORL, which is now jointly controlled by the Israel Corp. and IPE.

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