Carmel Olefins to acquire 49% of a petrochemicals company in Europe

Carmel Olefins has signed an MOU to acquire 49% stake in a European petrochemicals company for €20 million. The name of the company has not been disclosed. As per the terms of the MOU, Carmel Olefins might also pay up to an additional €1 million a year for five years beginning in 2013. Carmel Olefins is equally owned by Israel Petrochemical Enterprises Ltd. and Oil Refineries Ltd.