Israel Petrochemical Enterprises Ltd. (TASE:PTCH) sold 0.74% stake in Oil Refineries Ltd. (TASE:ORL) for ILS 40.6 million on September 7, 2017. Under the transaction, Israel Petrochemical sold 23.4 million shares of Oil Refineries which are pledged in favor of repayment on the Series IV bondholders. The proceeds will be used to pay the bondholders.

Israel Petrochemical Enterprises Ltd. (TASE:PTCH) completed the sale of 0.74% stake in Oil Refineries Ltd. (TASE:ORL) on September 7, 2017.