Petrochemical Enterprises will buy out Glencore in Petroleum Capital Holdings.
The government has refused to grant Swiss investment group Glencore International AG a control permit for Oil Refineries Ltd. (TASE:ORL). As a result, Israel Petrochemical Enterprises Ltd. (TASE:PTCH) subsidiary Scailex Corp. ltd. (TASE: SCIX; Bulletin Board:SCIXF) will buy out Glencore in Petroleum Capital Holdings Ltd. (PCH), which owns 15% of Oil Refineries.
Scailex owns 80.1% of PCH and Glencore owns the rest.
Petrochemical Enterprises announced on August 20 that the government had asked for more information about Glencore, which owns oil interests in Arab countries. Security agencies opposed giving Glencore a control permit for Oil Refineries for this reason.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2007
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