Oil Refineries board, management wages cut by 10 pct for 2013

Reuters Middle East

JERUSALEM, Jan 1 (Reuters) - Oil Refineries (ORL),

Israel's biggest refiner, said senior management will take pay

cuts as part of a broader cost-cutting plan aimed at bringing

the company back to profitability in 2013.

The company, a unit of conglomerate Israel Corp,

said its chairman, chief executive, internal board members and

managers will forego 10 percent of their salaries this year.

Regular salaries will be restored in 2014, Oil Refineries

said in a statement to the Tel Aviv Stock Exchange on Tuesday.

It added that it will implement an early retirement plan for

dozens of employees in 2013.

Oil Refineries, which has about 1,500 workers, posted a

third-quarter loss of $21 million but expects its results to

improve significantly this year since its new hydrocracker for

the production of clean fuels is now up and running.

(Reporting by Steven Scheer)

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