Haifa Basic Oils is located at the Oil Refineries premises in Haifa. It produces 75,000 tons of oil products a year. Haifa Basic Oils was founded in 1965 as a joint venture between Oil Refineries, which owned 50%, and Israel’s three fuel companies at the time: Paz (24.5%), Delek Group (14%) and Sonol Israel (11.5%). In January 2010, Oil Refineries (ORL) acquired the 24.5% stake in Haifa Basic Oils from Paz Oil for NIS 59 million, reflecting a company value of NIS 240 million. Oil Refineries now owns 74.5% of the company. Haifa Basic Oils is a leading manufacturer of high quality base oils and paraffin waxes for lubricant producers and industries as candle, construction, fertilizer and the food industry