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Periodic Report 2020

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Periodic Report 2020 Oil Refineries Ltd. Periodic Report 2020 This translation of the financial statement is for convenience purposes only. The only binding version of the financial statement is the Hebrew version. This translation of the financial statement is for convenience purposes only. The only binding version of the financial statement is the Hebrew version. Contents Chapter A - Description of the Business of the Company Chapter B - Directors' Report on the State of the Company's Affairs Chapter C - Consolidated Financial Statements as at December 31, 2020 Chapter D - Periodic Report for 2020 Chapter E - Separate Financial Information as at December 31, 2020 Chapter F - Annual report on the effectiveness of the internal control This translation of the financial statement is for convenience purposes only. The only binding version of the financial statement is the Hebrew version. Bazan Ltd. Chapter A – Description of the Company’s Business Table of Contents Part A – General ............................................................................................................................................ 2 1.1 Company Operations and Description of the Development of its Business ....................................... 2 1.2 Company's areas of operation ............................................................................................................. 5 1.3 Investments in equity and share transactions ...................................................................................... 6 1.4 Dividend Distribution ......................................................................................................................... 6 1.5 Financial information concerning the Company’s areas of operation ................................................ 7 1.6 Description of activities according to areas of activity ....................................................................... 9 Part B – Refinery Operating Segment ....................................................................................................... 12 1.7 Refinery Segment ............................................................................................................................. 12 Part C – Polymer Segment - Carmel Olefins and Ducor ......................................................................... 31 1.8 Polymer Segment - Carmel Olefins and Ducor ................................................................................ 31 Part D - Additional Operations (Other) .................................................................................................... 40 1.9 Trade Segment .................................................................................................................................. 40 Part E – Additional Information about the Company ............................................................................. 41 1.10 Fixed assets and facilities ................................................................................................................. 41 1.11 R&D ................................................................................................................................................. 46 1.12 Intangible assets ................................................................................................................................ 47 1.13 Human Resources ............................................................................................................................. 47 1.14 Taxation ............................................................................................................................................ 52 1.15 Environmental risks and means of their management ...................................................................... 52 1.16 Restrictions and supervision of the Company's operations .............................................................. 59 1.17 Insurance ........................................................................................................................................... 68 1.18 Working capital ................................................................................................................................ 69 1.19 Credit and financing ......................................................................................................................... 69 1.20 Material agreements ......................................................................................................................... 70 1.21 Legal proceedings ............................................................................................................................. 70 1.22 Innovation system activities ............................................................................................................. 71 1.23 Business strategy and objectives ...................................................................................................... 71 1.24 Risk Factors ...................................................................................................................................... 73 This translation of the financial statement is for convenience purposes only. The only binding version of this document is the Hebrew version. 1 Bazan Ltd. Part A – General The description of the Company’s business as detailed in this Chapter below was prepared on the assumption that the reader has before him/her the full periodic report of the Company, including all of its parts. 1.1 Company Operations and Description of the Development of its Business 1.1.1 Terms 1.1.1.1 Orthoxylene – An aromatic material made from refining products. For details see section 1.7.8 below. 1.1.1.2 Ethylene – A colorless, odorless gas at room temperature, used as a raw material in the petrochemical industry, mainly for the production of polyethylene, the most common plastic in the world. 1.1.1.3 Bitumen – One of the refining products of crude oil. Used mainly as a principal component in road building and for insulation. 1.1.1.4 Gasoline – One of the refining products of crude oil. Used as fuel for transport. 1.1.1.5 Benzene – An aromatic material made from refining products. For details see section 1.7.8 below. 1.1.1.6 Natural Gas – A gaseous substance that forms naturally underground (similarly to oil), composed (in Israel) mostly of methane. Natural gas can be used as an energy source or raw material, is used by the Company for heating boilers and furnaces and raw material for producing hydrogen. 1.1.1.7 LPG - Liquefied Petroleum Gas, also known as cooking gas, and is one of the refining products of crude oil. 1.1.1.8 Consolidated Financial Statements – The Company’s consolidated financial statements as of December 31, 2020, attached to Chapter C of this Report. 1.1.1.9 Raw materials – Materials purchased by the Company and used by it in the production process: including, but not limited to, crude oil. 1.1.1.10 Feedstock – Materials produced by the Company and used as interim materials for its other facilities or as raw materials for its subsidiaries that are engaged in the production of petrochemical products. 1.1.1.11 Toluene – An aromatic material made from refining products. For details see section 1.7.8 below. 1.1.1.12 Fuel Oil – A product obtained after initial refining processes. Used mainly for heating and fueling ships. 1.1.1.13 High Sulphur Fuel Oil – Fuel oil with a sulphur content of up to 3.5%. 1.1.1.14 Low Sulphur Fuel Oil – Fuel oil with a sulphur content of up to 1%. 1.1.1.15 Ultra-Low Fuel Oil - Fuel oil with a sulphur content of up to 0.5%. 1.1.1.16 Crude Oil – A mixture composed primarily of hydrocarbons, formed in a natural underground process and mainly used to create petroleum distillates and petrochemical products. There are many different types of crude oil, characterized based on the location where they are produced, such as Brent, Ural, Azeri and so forth. 1.1.1.17 Naphtha – One of the refining products of crude oil. Used as one of the components for the production of gasoline, and in industry as a raw material for the production of petrochemical products. This translation of the financial statement is for convenience purposes only. The only binding version of this document is the Hebrew version. 2 Bazan Ltd. 1.1.1.18 Solvents – Materials made from refining products. For details see section 1.7.8 below. 1.1.1.19 Gasoil – One of the refining products of crude oil. Used for transport and heating. 1.1.1.20 Vacuum Gasoil or Heavy Vacuum Gasoil (VGO/HVGO) – An interim material produced by way of primary refining, and used in advanced refining processes for manufacturing oil products with high added value, primarily gasoil, kerosene and naphtha. 1.1.1.21 Paraxylene –An aromatic material made from refining products. For details see section 1.7.8 below. 1.1.1.22 Polypropylene – A polymer, the main uses of which are in engineering, for the production of consumer goods (such as diapers, toys, bottles, containers, household plumbing, tool boxes, office equipment), fibers and threads for making carpets, for use in the vehicle industry, and others. 1.1.1.23 Polyethylene – A polymer, the main uses of which are for manufacturing plastic products, such as products for agricultural use (such as sheeting for greenhouses), for making flexible and hard packaging (such as bags and bottles), insulation products and household utensils. 1.1.1.24 Phthalic Anhydride – A solid material produced from orthoxylene, which is made from refining products. For details see section 1.7.8 below. 1.1.1.25 ORA
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