Israel Oil Refineries Ltd. kept the momentum moving this year having doubled its net income in the third quarter.
Oil Refineries, also known as Bazan, had net profit of NIS 487m. in the three months ending September 30, compared to NIS 219m. in the parallel period last year, Israel Corporation, which owns 26% of the company said Wednesday. The state owns the remaining 74% of Bazan.
While Israel Corporation did not give a reason for the rise, the company had said in a previous earnings report this year that profits were boosted by the surging price in crude oil experienced from year to year.
The price of oil is up 19% from a year earlier.
For the first nine months of 2005, Bazan's net profit reached NIS 1.17 billion, compared to NIS 555m. in the same period 2004. The government is planning to privatize Bazan, which operates facilities in Haifa and Ashdod. The state's plan is that once privatized, the two plants will compete against each other.
Last month, Israel Corporation agreed to sell its stake to the state for NIS 570m., giving the government full ownership and paving the way for the privatization tender.
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