Israel’s Oil Refineries Ltd (ORL) announced on 7 February that it has secured a $900mn financing framework in order to continue to implement its strategic plan and service its other capital needs for four years. As part of the financing framework ORL signed an agreement of principles to receive $600mn in financing from a syndicate of local banks, led by Bank Hapoalim. Additionally, US Congress approved $300mn of backing from Ex-Im Bank, designated for the financing of equipment to be purchased outside of Israel. ORL also announced that it has completed preparations to merge the activities of Carmel Olefins Ltd (CAOL). ORL completed the acquisition of CAOL shares in December, by taking over the Israel Petrochemical Enterprises Ltd (IPE) interest in CAOL in exchange for 17.75% equity in ORL.