03 January 2013 14:46 [Source: ICIS news]
LONDON (ICIS)--Oil Refineries Ltd (ORL) has brought a hydrocracking unit at its headquarters in Haifa, Israel online, the refining and petrochemical specialist said on Thursday.
The unit, which cost around $500m (€380m), is currently working on an input of 25,000 bbl/day, with products including naphtha, LPG, kerosene and diesel, the company said.
The company first announced its intention to construct the cracker in its 2007 strategic plan, which outlined spending of $1bn on developing the company’s activities.
ORL reiterated its intention to proceed with the project in June 2009, estimating at the time that the unit would be operational by early 2012.
ORL CEO Pinhas Buchris said: “The project's establishment lasted about three years and cost about $500m, so we see its activation as a business, technological and organisational achievement.
“The integration of the hydrocracker into ORL's operations will enable us to produce improved and higher quality distillates.”
($1 = €0.76)
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