Israel's Oil Refineries (ORL) (ORL.TA) said on Sunday it swung to a profit in the first quarter citing the country's gradual recovery from the coronavirus pandemic, which had hit refining margins.
ORL, Israel's largest refining and petrochemicals group, reported a $55 million net profit in the January-March period compared with a $146 million loss a year earlier. Revenue dipped 10% to $1.28 billion.
Its adjusted refining margin was $4.3 a barrel in the first quarter, compared with $1.7 a year earlier and above Reuters' quoted Mediterranean Ural Cracking Margin of negative $0.2.
CEO Moshe Kaplinsky also commented on the uncertainty regarding plans for developing Haifa, the port city in northern Israel where ORL is based. A government panel has recommended phasing out the petrochemical industry in Haifa's bay within a decade in favor of other sectors and to improve air quality.
Kaplinsky said it was clear that the government committee understood the importance of "ensuring the continuous functioning of the energy market" and that the panel had recommended holding negotiations with the industry on how best to move forward.
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May 09, 2021 at 03:01PM
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Israel's Oil Refineries moves to Q1 profit, sees post-pandemic recovery - Reuters
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