#Israel's Oil Refineries moves to third-quarter loss, signs supply deal | Reuters

Israel's Oil Refineries moves to third-quarter loss, signs supply deal | Reuters

Israel's Oil Refineries (ORL) ORL.TA swung to a loss in the third quarter, hit by the coronavirus pandemic, and said it had signed a fuel supply deal with a customer outside of Israel.

ORL, Israel’s largest refining and petrochemicals group, said on Wednesday it lost $50 million in the July-September period compared with a $7 million profit a year earlier. Revenue dipped 39% to $990 million.

Its adjusted refining margin was $0.3 a barrel in the third quarter, compared with $6.3 a year earlier but above Reuters’ quoted Mediterranean Ural Cracking Margin of a negative $2.0.

ORL said despite the crisis it still was able to produce its essential products and prevent furloughs, but it continued to reduce costs while starting to implement a retirement plan during the quarter.