Oil Refineries Ltd. (TASE:ORL) today sought to stem the hemorrhaging of its share price, which fell 12.8% by mid-afternoon today, after yesterday's 9.2% plunge, on concerns about the debt settlement talks by one of its controlling shareholders, Israel Petrochemical Enterprises Ltd. (TASE:PTCH). Israel Corporation (TASE: ILCO) is the other controlling shareholder.
In a notice to the TASE, it said, "At the end of the third quarter of 2013, and from initial indications for the quarter, it appears that the company's refining margin will be about $4 higher per barrel than the benchmark margin.
"These results include the contribution of the hydrocracking plant and natural gas. The average refining margin in the third quarter was $1 per barrel. In addition, the polymers margin continued to widen during the third quarter, continuing the trend that characterized this activity in the second quarter of 2013, and are contributing to this activity's profitability."
The refining margin is the Mediterranean Ural Cracking Margin benchmark quoted by "Reuters".
Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2013
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