January 5, 2010 (FinancialWire) — Oil Refineries Ltd. (TASE: ORL), an Israeli oil refiner, said it has acquired 24.5% of Haifa Basic Oils from Paz Oil Co. Ltd., held in trust, in consideration for NIS 59 million, and that the acquisition has been approved by the company’s board of directors.

According to Oil Refineries, the consideration is subject to adjustments if during a period of five years the company will enter into an agreement to acquire an additional shareholder’s holding in HBO for a consideration indicating to a value of over NIS 240 million for HBO.

Subsequent to the acquisition, Oil Refineries holds 74.5% of HBO’s issued share capital.

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