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)