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Platts 2004/1/26
Israel's Carmel Olefins to double polypropylene production
Israel's Carmel Olefins is planning to invest $232-mil over the
next two years to double its polypropylene production at Haifa from 200,000mt to around
400,000mt, the company
announced Jan 26.
"We believe the expansion will enable the company to better
compete on world markets," company chairman David Friedman
said, since most of the additional production is earmarked for
the export market. The planned expansion, which is expected to
increase the company's work force by a thousand, is also expected
to increase the company's annual revenues by about $180-mil, he
added. The upgrade was however contingent on necessary approval
by Oil Refineries and the Israeli government's state-owned
Corporations Authority. The company would also like to expand its
ethylene production, although specific details were not released.
The company boasted revenues of $243-mil in the first nine months
of 2003.
Israel's Carmel to raise $150-mil to fund PP expansion: sources
Israel's Carmel Olefins plans to raise $150-mil on the Tel Aviv stock marketto cover the cost of its planned expansion, according to petrochemical industry sources.
The company is planning to expand polypropylene production from 205,000 mt/yr to 405,000 mt/yr. The total cost of the expansion was put at $310-mil, sources said. The remainder of the funds would come from bank financing.
Carmel is Israel's sole producer of ethylene, polyethylene and polypropylene. Approximately 70% of total PP production would be sold in the local market and the remainder is exported to Europe, primarily Britain, Italy and Turkey.
Carmel is jointly owned by Oil Refineries Ltd and Israel Petrochemical Enterprises Ltd. It reported a net profit of $24-mil on revenues to $122-mil in the first quarter of 2005.
Israel's Carmel increases PP expansion investment to $315/mil
Israel's Carmel Olefins has approved an additional investment in the expansion of Carmel Olefins' polypropylene plant, company sources have reported. The investment has been upped from the original $245-mil, to $315-mil. The existing plant will more than double polypropylene production from 200,000 mt/yr to 450,000 mt/yr. The increased investment surpassed the initial expansion plan, which called for production to increase to 400,000 mt/yr.
Carmel is Israel's sole producer of ethylene, polyethylene and polypropylene. Approximately 70% of total PP production would be sold in the local market and the remainder exported to Europe, primarily Britain, Italy and Turkey. Carmel is jointly owned by Oil Refineries Ltd and Israel Petrochemical Enterprises.
Carmel Olefins
http://www.carmel-olefins.co.il/HomePage/main.htm
COMPANY PROFILE
Carmel Olefins Ltd. is Israel's largest producer of polymers and
the sole
producer of polyolefins.
The Company manufactures and sells:
@ELow-Density Polyethylene under the
registered trade mark IPETHENE
@EPolypropylene under the registered trade
mark CAPILENE
@EVarious technical Compounds
These product lines are marketed both in Israel and abroad.
Ipethene® is the registered trade
name of a large variety of Low-Density Polyethylene grades
produced since 1963 and used for the production of films for
agriculture and packaging, irrigation pipes and for various
injection and blow moulded articles.
Capilene® is the registered trade
name of Polypropylene homopolymers, impact and random copolymers,
produced since 1993 and used for production of garden furniture,
cabinets, lockers, storage systems, toys, toolboxes, household
articles, packaging, transparent films, fibers, fabrics - woven
and non woven, and many others.
CarmelTechTM is the trade name of PP-R
compounds produced since 1998, for sanitary pipes and fittings.
CarmelStatTM is the trade name of a
series of electrostatic dissipative (ESD) compounds produced
since 1996, for reusable packaging boxes, shipping containers,
material handling bins and partitions and chip trays that are
widely used throughout many industries including the hardware and
automotive industries.
Israel
Petrochemical Enterprises Ltd. (IPE)
http://duns100.dundb.co.il/1500/
Israel
Petrochemical Enterprises Ltd. (IPE) is a public holding company with
investments in the Israeli economy. IPEfs main shareholdings are Carmel Olefins
(50%), Israelfs largest
petrochemical enterprise, and investments in natural gas
exploration in the territorial waters off the coast of Israel.
The companyfs shares have
been traded on the Tel Aviv Stock Exchange since 1978.
Four Decades of Production Experience
IPE was established in 1961 as an industrial manufacturer,
engaged mainly in the production of polyethylene. In 1991, a new
subsidiary, Carmel Olefins Ltd. (COL), was established. COL
consolidated the ethylene facility owned by Oil Refineries Ltd.
(ORL) and IPEfs
polyethylene facilities. Following the merger, IPE became a
holding company, whose principal investment is 50% of COLfs share capital.
Expanding the Range of Holdings
During 1999, Modgal Industries Ltd. gained control over the
company, and today it holds a 59% stake in IPE. IPE is
considering new investments during 2003, with the aim of
expanding its range of holdings.
Carmel Olefins
COL is a leading manufacturer of ethylene, polyethylene and
polypropylene, the main raw materials used in the plastics
industry. COL is the predominant supplier of raw materials to
Israelfs highly developed
plastics processing industry, whose turnover is assessed at about
$2.3 billion per annum. In addition, COL exports its products to
more than 20 countries in Europe, the Middle East and Africa.
Headquartered in Haifa, the companyfs state-of-the-art facilities have a
current annual capacity of 185,000 tons of ethylene, 165,000 tons of
low-density polyethylene and 185,000 tons of polypropylene.
COLfs products are
manufactured according to the highest international standards and
thus compete successfully with those of major manufacturers
worldwide. COL employs a highly skilled workforce of 470 to
operate the companyfs
complex facilities.
COLfs sales in 2002 totaled
approximately $262 million, with annual exports totaling $86
million. The high growth rate of the plastics industry in Israel,
which is expected to continue in the years to come, strengthens
COLfs advantages in the
local market. At the same time, COL is concentrating resources on
R&D in order to develop new products, and to continue
upgrading the current output and improving the existing
manufacturing processes.
Investments in Natural Gas Exploration
In addition to its shareholdings in COL, the company is a partner
in a consortium of Israeli and international companies engaged in
natural gas exploration in territorial waters off the coast of
Israel by virtue of licenses granted to them by the State of
Israel. During the last few years, explorations have produced
commercially viable reserves of natural gas, discoveries that
provide the basis for restructuring Israelfs energy economy through the use of
cleaner energy sources.
Israel's Dankner family
sells $30-mil stake in Dor Chemicals
Israel's Dankner family has sold its majority stake in Dor
Chemicals to Inter Holdings 1 Ltd for $30-mil, according to a
joint statement. Dor has faced financial difficulties following
an ambitious expansion plan abroad.
The deal between Dankner and Inter Holdings, which is controlled
by Israeli businessman Amit Berger, is expected to close in
April. The company has a plant in Haifa which produces MTBE,
formaldehyde, methanol and a production facility in Carmiel which
produces biaxally-oriented polypropylene (BOPP).
Dor was forced to reach an agreement with creditor banks last
year whereby the control in its German based Treofan Group
subsidiary was transferred to creditor banks headed by Goldman
Sachs. The German subsidiary is a leading global producer of
BOPP.
Last February, Dor's senior management resigned over accusations
of mismanagement of the company's foreign operations, which
account for over 90% of its revenues. The company has reported
heavy losses in recent years. The former senior managers were
behind the Israeli company?s aggressive global campaign of BOPP
acquisitions in recent years.
| Dor Chemicals Group@http://www.dorchemicals.com/ @ | |
| E | Public company, traded on the Tel-Aviv stock Exchange |
| E | The company is composed of two main operational divisions |
| E | The Chemical Division produces and distributes intermediate materials includes methanol, MTBE, formaldehyde, ultra-pure hydrogen and FORDOR disinfectant formulations for agricultural use |
| E | The Plastic Division includes Dor Film Israel, The company production facility capable of producing the full range of PP films. Its capacity is 15,000 tons p/a of Bopp(Biaxially Oriented Polypropylene). |
| E | Teleparking System - Parking Management System with wireless communication |
| E | Natural Gas Exploration with British Gas partnership and others |
Dor Chemicals Group is a
world-wide leading player in developing, manufacturing and
marketing high-performance oriented polypropylene (OPP) films.
The Group is also a leading Israeli producer of chemicals for
industrial and agricultural use. Established in 1973 as a
petrochemical plant, Dor Chemicalsf shares have been publicly traded
on the Tel Aviv Stock Exchange since 1994. The Group is
controlled by the Dankner Group, one of Israelfs leading holding companies with
interests in the media, real estate and banking, as well as
plastics and chemicals.
Rapid Expansion
With the acquisition of companies in Italy, Germany, the US,
Mexico, France, Belgium, South Africa, the UK and Australia in
recent years, and the formation of the Treofan Group, Dor
Chemicals now has 11 production facilities in eight countries,
and has become one of Israelfs fastest growing companies. Sales
climbed from $46 million in 2001 to $255 million in 2002 and $612
million in 2003.
Dor Chemicals - Petrochemicals Division
Based in Israel, Dor Chemicals has 30 years of experience in the
production of intermediate materials for the gasoline, chemical,
plastics, pharmaceutical and wood industries. The product range
includes: methanol, MTBE (a high octane gasoline component), pure
hydrogen, formaldehyde and paraformaldehyde, as well as several
disinfectant formulations including FORDOR, an innovative
formulation for agricultural use.
The Treofan Group - Flexible Film (OPP) Division
The Treofan Group develops, manufactures and markets
high-performance OPP films (oriented polypropylene), CPP (cast
polypropylene) under the brand name of Treofan, as well as BO-PLA
films (biaxial oriented biodegradable polylactic acid) under the
brand name of Biophan. Formed in 2002, the Treofan Group resulted
from a merger between Trespaphan (Germany), Moplefan (Italy) and
Shorko (Australia). Treofan's most comprehensive line of products
includes film types for a very large scale of applications, such
as food packaging for baked goods, pasta, confectionery, snack
foods, gifts, tobacco and labeling, and technical applications
such as dielectric films for capacitors. Dor has a 51%
stake in the Treofan Group, while Bain Capital, a leader in acquisitions since
1984 with currently $15 billion of capital under management,
holds the remaining 49%.
Combined Strength and Synergy
The new merger has resulted in a core business group at the top
end of the OPP market. The combined organization is bigger and
stronger, and as a unified and integrated group producing highly
specialized OPP and CPP films, is more responsive to customer
needs in the constantly evolving global marketplace.
Increased Production Capacity
The new combined Group, with an annual production capacity of
285,000 tons and some 2,100 employees, offers a comprehensive
range of technologies and state-of-the-art production systems, a
wide-reaching and efficient distribution network, two
technological R&D centers contributing more than 30 years of
advanced research, development and experience, and enjoys a
prestigious worldwide reputation.
Leading by Volume and Performance
Treofan currently controls 6% of the global and 18% of the
Western European OPP production capacity. In terms of sales
Treofan holds 22% of the OPP market in Western Europe and 8% of
the market worldwide. The Group will strengthen its position
globally by improving its performance and commitment to
customers, the environment and quality of life. The Group is well
equipped to serve the most demanding customers,with improved
competitiveness and optimized production, marketing, R&D and
purchasing capacities.
Jul 18, 2006 (Globes -
Knight Ridder/Tribune Business News via COMTEX)
Petrochemicals
Enterprises shuts Carmel Olefins plant
Israel
Petrochemical Enterprises Ltd. last night announced that it was
shutting the plant of Carmel Olefins Ltd., which makes polymers
for the plastics industry, because of the fighting in the north.
The plant is located in the Haifa Bay area, which has been
subject to Katyusha rocket fire from Hizbullah in Lebanon.
Petrochemical Enterprises owns 50 percent of Carmel Olefins. Oil
Refineries Ltd., which owns the other half of the company, has
also greatly reduced production at its Haifa refinery since the
fighting began.
Modgal Industries
Ltd., owned by David Federmann, Petrochemical Enterprises
chairman Jacob Gottenstein, and Group Menatep, owned by Leonid
Nevzlin, Vladimir Dubov Mikhail Brudno controls Petrochemical
Enterprises with a 58 percent stake. Petrochemical Enterprises
declined to comment on the decision to shut Carmel Olefins, which
has 470 employees.
The order to close
the plant reportedly came from the IDF Homefront Command, which
has called on all sensitive factories in the line of fire to
reduce inventories to a minimum.
Petrochemical
Enterprises added, "At this time, Carmel Oledins cannot
assess the impact of the shutdown on it." On the basis of 16
percent drop in Petrochemical Enterprises' share in the past few
sessions, investors have already concluded that the halt in
production will affect the company's financial results.
Israel's 130,000 Haifa refinery cuts rates after rocket attacks
Israel has cut refining rates at the 130,000 b/d refinery in Haifa and is operating the refinery and petrochemical plants in the northern port city in an emergency status after Lebanese Shi'ite Hezbollah militia rocket attacks, Israeli National Infrastructure Ministry sources said Sunday.
Production at the refinery dropped after rockets fired by Hezbollah landed in the Haifa area, the location of Israel's largest refinery and a major petrochemical complex, the ministry sources said.
The refinery's operations are being run from an underground facility specially designed for emergency situations, the source said adding that crude and other inventories at the Haifa plant were reduced over the past few days.
But the reduction is not expected to have an impact on supplies of refined products within Israel as the country has extensive emergency reserves in storage at various parts of the country, the sources said.
The Israel Petrochemical Enterprises has also reduced its inventories and lowered production to a minimum. IPE and Oil Refineries jointly own and operate Carmel Olefins, Israel's sole producer of polyethylene, ethylene and polypropylene.
The Israel Ports Authority also ordered the closure of Haifa port to all ships carrying hazardous materials were instructed not to enter the port.
Israeli sources have expressed concern about the possibility of Hezbollah rockets hitting the oil and petrochemical complex in the Haifa bay area.
Hezbollah earlier claimed it was targeting the refinery.
"The resistance fires rockets on the oil refinery in Haifa, north of occupied Palestine," Lebanese Hezbollah satellite station Al-Manar reported on Sunday.
The attack came after Israeli war planes went into action over Lebanon again before dawn on the fifth day of an intensifying assault that has killed scores of people and left the country almost completely cut off from the outside world.
Israeli medical sources said nine people were killed and dozens wounded in the attack on Haifa, AFP reported.
Israel's Carmel Olefins signs MOU to buy Europe petchem company
Israel's Carmel Olefins
said Monday it has signed a memorandum of understanding with a
European company to acquire a 49% stake in a Europe-based
petrochemical company for Eur20 million, plus an annual payment
of Eur1 million for five years, beginning in 2013.
Carmel Olefins did not disclose the names of either European
company, nor provide any further details about the proposed deal.
Carmel Olefins is Israel's largest petrochemical company,
producing ethylene, polyethylene and polypropylene. The
Haifa-based company is jointly owned by Israel Petrochemical
Enterprises Ltd and Oil Refineries Ltd.
January 24, 2008
PRNewswire-FirstCall
Oil Refineries Subsidiary Carmel Olefins Acquires 49% of
Netherland-Based Domo Polypropylene
Oil
Refineries Ltd.("ORL"),
Israel's largest oil refiner, announced today that a wholly owned
foreign subsidiary of Carmel Olefins Ltd. (a private company in which ORL
holds 50%, hereinafter: "COL") signed an agreement to
acquire 49% of the outstanding
share capital of Domo Polypropylene
BV
(hereinafter: "Domo").
The said agreement follows the letter of intent signed between
the parties on November 1, 2007, the terms and conditions of
which are outlined in detailed in section 7.7.21.5 of the
Prospectus filed by the Company on November 28, 2007. To the best
of the Company's knowledge, there has been no material change in
the terms outlined in the agreement, from the terms agreed upon
in the letter of intent outlined in the Company's Prospectus.
Domo, incorporated in the Netherlands, is active in the
manufacturing and marketing of Polypropylene, which serves as a
raw material in the plastics industry for a variety of uses and
products. Domo owns one Polypropylene manufacturing
facility, located in the Netherlands with manufacturing capacity
of 180,000 ton Polypropylene per annum. Domo's revenues for full year
2006 and for the nine month period ending September 30, 2007,
totaled approximately 176 million Euro and 154 million Euro,
respectively. Domo's net income for the said periods totaled
approximately 1 million Euro and 6.3 million Euro, respectively.
Completion of the transaction is subject to the approval of the
relevant anti-trust authorities as well as the receipt of an
environmental report with respect to the condition of the ground
on which the Domo plant is situated.
This acquisition is COL's first acquisition of a foreign
manufacturing plant under its strategy to identify opportunities
for the acquisition of foreign companies active in its business
areas. This acquisition is in line with ORL's strategy to expand
its businesses, including in petrochemicals, while identifying,
among others, expansion opportunities abroad.
About Oil Refineries Ltd.
Oil Refineries Ltd. (ORL), located in the bay area of the city of
Haifa, is Israel's largest oil refinery. ORL operates
sophisticated and state-of-the-art industrial facilities with
refining capacity of 9 million tons of crude oil per year, with a
Nelson complexity index of 7.4, providing a variety of quality
products used in industrial operation, transportation, private
consumption, agriculture and infrastructure. The company is also
active in the area of Aromatics and Polymers through wholly-owned
Gadiv Petrochemical Industries Ltd. and 50% owned Carmel Olefins
Ltd. ORL is
traded on the Tel Aviv Stock Exchange under the ticker ORL. For
additional information please visit the Company's website: http://www.orl.co.il.
Oil Refineries Ltd. (ORL), located in the bay area of Haifa, is Israel's largest Oil refinery. Using its sophisticated and state-of-the-art industrial facilities, ORL is capable of refining approximately 9 million tons of crude oil per year providing a variety of products used in industrial operation, transportation, private consumption, agriculture and infrastructures.
With the refining business representing 90% of the Company's total activities, ORL produces refined products with a high added value by using complex refinery facilities and at 7.4 on the Nelson Complexity Index, among the highest in the East Mediterranean region. The Company has a maximum crude oil refining capacity of approximately 24,800 tons per day (180,000 barrels per day). Over 75% of the Company's produce goes to local consumption, while the balance is exported, primarily to the Mediterranean basin.
The company is active in the area of Polymers and Aromatics through its holdings in Carmel Olefins Ltd. and wholly-owned Gadiv Petrochemical Industries Ltd. Oil Refineries is traded on the Tel Aviv Stock Exchange under the ticker ORL.
The Company also provides power and heat services (electricity and steam) to industrial customers in the Haifa Bay, as well as infrastructure services (storage, pumping and truck loading of fuel products).
Chemical Market Reporter, May, 2001
Carpet Maker Domo Buys Basell PP Plant in Back-Integration Move.(polypropylene plant in the Netherlands)(Brief Article)
DOMO, THE BELGIAN carpet manufacturer and chemicals producer, is taking over Basell's 180,000-metric-ton-a-year polypropylene plant at Rozenburg, the Netherlands. The move is designed to open up new business opportunities through vertical integration. Around a third of the plant's output will be for captive use by Domo, which in addition to making soft floorings produces fibers and yarns.
2009/1/2 Platts
Israel's Oil Refineries deal for Carmel Olefins control delayed
Israel's Oil Refineries Ltd
said Friday
it has not completed as scheduled the acquisition of Israel
Petrochemical Enterprises' 50% holdings in Carmel Olefins it does not already own as the
conditions of deal have yet to be met.
Under the terms of a July 2008 agreement, IPE was to be given a 20.53% stake in
Oil Refineries in
exchange for its 50% share in Carmel Olefins, Israel's largest petrochemical
company. Oil Refineries already owns the
other 50% of Carmel.
The agreement assessed the value of Oil Refineries at between
$1.624 billion to $1.927 billion and Carmel Olefins at $860
million to $959 million.
Without giving further details, Oil Refineries Ltd said, as of
the agreed December 31, 2008 close date, some the prerequisite
conditions to the agreement have not been met.
"Since the key rationales serving as the basis for the
board's decision to approve the merger of CAOL's business with
the company are still valid, IPE and the company have decided to
continue to cooperate with a view to trying to complete a merger
transaction," Oil Refineries said in a statement.
In July, Oil Refineries said the agreement for Carmel is a key to
its expansion strategy in the petrochemicals markets where it
hopes to take advantage of synergies between the two companies.
Oil Refineries operates an 8 million mt/year refinery in Haifa,
the largest in Israel. In November Oil Refineries announced a
$1.12 billion expansion plan focused on increasing the company's
derivative and downstream production in the coming years.
The expansion plan involves a change in the company's product mix
with a substantial reduction in the production of fuel oil and
VGO and an increase in diesel, naphtha and jet fuel. As part of
this plan, the company will upgrade the Haifa refinery to
increase production and product mix. The upgrade is due to be
completed in 2011.
Carmel Olefins produces polyethylene, polypropylene and ethylene.