Oil Refineries unveils first quarter figures

Oil Refineries has announced healthy results for the first quarter of 2011.

Israel's largest integrated refining and petrochemical group revealed that its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to $55 million in the first three months to March 2011.

Mr Pinhas Buchris, chief executive officer of Oil Refineries, said that the figures are higher than the benchmark margin and presented impressive growth in the petrochemicals sector.

He attributed the healthy figures to rapid action following a number of global issues.

"The earthquake and tsunami in Japan created a spike in demand for petrochemical products in international markets, which the company was able to identify and swiftly prepare itself in order to meet these market needs," Mr Buchris explained.

He added that its quick decision to switch providers following sabotage to an Egyptian gas line allowed the company to maintain a continuous and reliable supply.

Meanwhile, Shell has announced plans to build a giant floating refinery to process gas extracted at sea.