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Ormat Industries with US$ 48m loss in Q4 of 2008

Alexander Richter Alexander Richter 17 Jan 2009

As reported by Reuters, the Israeli Ormat Industries (listed on Tel Aviv Stock Exchange, TLV:ORMT), announced that it will book a US$ 48 million loss in the fourth quarter to account for a decline in the value of its investment in oil sands company OPTI Canada (TSX:OPC).

As reported by Reuters, the Israeli Ormat Industries (listed on Tel Aviv Stock Exchange, TLV:ORMT), announced that it will book a US$ 48 million loss in the fourth quarter to account for a decline in the value of its investment in oil sands company OPTI Canada (TSX:OPC).

OPTI is developing an oil sands project in the province of Alberta in Canada. This loss accounts for a decline in the value of the company’s investment in OPTI Canada. With an initial investment of US$ 63 million, the market value of the stake as of Dec. 31, 2008, was only US$ 15m. Reuters further reports that the “drop in the value of the stake will also reduce Ormat’s equity by US$ 80 million in the fourth quarter and by US$ 126 million for all of 2008.”

Source: Reuters