Haifa Refinery Project

Summary Information

• Ownership: ORL
• Website: http://www.orl.co.il/
• Wiki Page: Haifa Refinery
• Location: Haifa, Israel
• Capacity: million tons/annum & bbl/day
• Nelson Complexity: 7.4 / 9
• Project Stage: Commissioning
• Expected Completion: 2012
• Budget: $500 million

+++ The Project

• Project Type: Upgrade
• Project Summary: The project involves the addition of a Hydrocracker. Once established, the Hydrocracker is expected to increase the Company's Nelson Complexity Index (NCI), currently 7.4, to over 9.
• Main Contractors:

+++ Refining Units

• Hydrocracker - 25,000 bpd

+++ Terminal Capacity

• Crude Oil:
• Refined Products:

+++ Crude Supply

• -

+++ Products Produced

• The yield of jet fuel and diesel will increase

+++ History

• 2008 - ORL board approves Hydrocracker project
• 2009 - ORL board approves project at reduced cost

+++ Other Information

• As part of the financing framework the Company signed an agreement of principles to receive $600 million dollars in financing from a syndicate of local banks, led by Bank Hapoalim.
• Additionally, the US Congress has approved a $300 million backing from Ex-Im Bank, designated for the financing of equipment to be purchased outside of Israel.

+++ Relevant Links

1. Oil Refineries' Board Approves Establishment Of Hydro-Cracker For $670 Million Investment
2. Oil Refineries' Board Reiterates Approval To Establish Hydrocracker At Reduced Cost Of $500 Million
3. Hydrocracker Project & CAOL Merger Kicked Off