OIL REFINERIES LTD
Oil Refineries Ltd (ORL or BAZAN), the largest refining and petrochemical complex in
Israel, announces today the following:
This morning a pipeline failure occurred at the hydrocracker facility entry, and the company shut down this facility for repairs expected to be finalize - as per Company's assessment as detailed below ‐ this month. The event did not cause damage to the environment or safety.
The company is preparing to repair the failure and it assesses ‐ at this early stage, and according to the information available only a few hours after the occurrence of the event -that the initial estimate of the shutdown impact on the net income (due primarily to profit loss), is approximately USD 8‐10million.
The Stated in this report regarding the duration of the repair and the estimated impact on the net profit of the company constitute forward‐looking statements. The repair schedule that the Company expects depends, among other things, on the availability of spare parts and repair work pace and it is based on professional assessments of the company's experts, on the required repair actions and the pace of their implementation. Additionally, estimate of the extent of the effect on earnings depends on the company's estimates for margins and said repair schedule. Therefore, there is no assurance that the Company's estimates regarding the duration of the repair, or on the effect on earnings, will be as stated. As much as the duration of the repair will take substantially beyond the Company's estimates, it could materially adversely affect the Company's profitability
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