The regulator has asked for more material from Glencore and Petrochemical Enterprises.
Sources inform ''Globes'' that a further 60-day extension has been granted for issuing a control permit for Israel Petrochemical Enterprises Ltd. (TASE:PTCH) and Swiss Glencore International AG, which indirectly own 15.6% of Oil Refineries Ltd. (TASE:ORL). Prime Minister Ehud Olmert and Minister of Finance Ronnie Bar-On asked for the postponement because the examination was not completed by the original deadline.
The delay is apparently due to requests by the Government Companies Authority for more material from Glencore, which owns oil holdings in Arab countries. The regulator also wants more information about the controlling shareholders in Petrochemical Enterprises, who include David Federman and Yaacov Gotenstein.
Petrochemical Enterprises and Glencore own their stake in Oil Refineries through Petroleum Capital Holdings Ltd. (PCH). Petrochemical Enterprises owns 80% of PCH through its subsidiary Scailex Corp. ltd. (TASE: SCIX; Bulletin Board:SCIXF) and Glencore owns 20% of PCH. Israel Corp. (TASE: ILCO) owns 45.08% of Oil Refineries.
Published by Globes [online], Israel business news - www.globes.co.il - on October 31, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007