JERUSALEM, May 22 (Reuters) – Israel’s Oil Refineries (ORL) (ORL.TA) swung to a loss in the first quarter, as a revaluation of futures contracts offset a jump in revenue amid a steep rise in global oil prices.
ORL, Israel’s largest refining and petrochemicals group also known as Bazan, said on Sunday it lost $18 million in the January-March period compared with a $55 million net profit a year earlier. Revenue rose 77% to $2.26 billion.
Its…
