Israel Oil Refineries announced plans to invest $400 million in a nationwide network of hydrogen fuel stations as part of the company's efforts to go green, financial daily Globes reported Friday.
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According to the reports, ORL plans to become a leading supplier of renewable energy for transport and of advanced polymers by "expanding its hydrogen production capacity, nationwide deployment of hydrogen fuel stations, and production of 30% of its total polymers output in the form of 'green' polymers."
"The Oil Refineries group will continue to be a vital industry for the State of Israel in every respect: security, economic, and environmental. The new strategic plan will turn Haifa Bay into a leading center of development and promotion of clean fuels, and will at the same time ensure functional continuity in the economy," outgoing ORL chairperson Ovadia Eli told and investors conference.
Oil Refineries CEO Moshe Kaplinsky, said, "Oil Refineries intends in the coming years to turn from a company that produces refined products and polymers from oil into a leading supplier of renewable energy for transport, and advanced polymers. Today, Oil Refineries is presenting a clear vision of its future."
