Code of Ethics

General

Petroleum and Energy Infrastructures Ltd., and/or Oil Products Pipeline Ltd., both promote appropriate business culture among its employees and managers while fulfilling their position in the company. Each and every employee and manager bears personal and full responsibility to abide by the principals and rules of the following code of ethics in their daily lives,  and to make an effort to ensure that these rules are honored and implemented.

The Code of Ethics

The code of ethics is a set of inputs and standards intended to create an organizational culture of values, which will strengthen the ties between company employees and provide a foundation for relationships based on loyalty, integrity, reliability and human values between the organization and its clients, the community and all those who come into contact with them. Employees should perceive the point of view whereby the work place is their home or family where they are highly motivated to work continuously for the benefit of the company. A good employee will have a positive impact on his peers. In this way we will be able to create a chain of excellence.

Compliance with the Law

Each one of us must adhere to the law, its spirit and the instructions of the company. Breach of any of them is an ethical, legal and moral offence.

The responsibility to understand, absorb and uphold the laws and regulations relating to our work and field of responsibility lies with each and every one of us. The company shall take measures against any employee who breaches the rules, subject to the provisions of law and the regulations of the company. The employee must know and keep in mind that his failure shall be to the detriment to his peers and the organization.

Labor and Employment Laws

We are committed to creating a work place clear of discrimination, sexual harassment or any other harassment, whether based on race, religion, sex, age, disability or any other status protected by law. The company is committed to creating equal opportunities for its employees, and we strive to make sure that each one of us is treated fairly and honorably through cooperation.

Safety and the Environment

Company employees and company officers shall maintain the rules regarding safety at work and shall carry out their duties according to the laws and regulations and in accordance with professional discretion.

In addition, we undertake to assure our and others' safety and assure a healthy and safe work place.

We respect the environment and protect it and each one of us must obey environmental protection laws and act in advance, in order not to reach situations of irreparable damage, especially situations involving contamination of water sources.

Third Parties

Company employees and company officerscompany officers shall treat their co-workers honorably, loyally and honestly. Employees shall treat third parties politely, while striving to serve the public in the best possible way. The company's name, like that of an individual, is built through hard work and on firm foundations.

Conflicts of Interests, Benefits, Presents and Gifts

A conflict of interest exists when an employee's loyalty is negatively influenced or is perceived to be negatively influenced by actual or potential personal gain from a different source.

An employee is not permitted to receive or ask for any wage, payment, commission, or any other kind of remuneration from any person or company that maintains or aspires to maintain working relations with Petroleum and Energy Infrastructures Ltd., and/or Oil Products Pipeline Ltd., or alternately, with our competitors. Employees are prohibited from having financial interests or any kind of interest in business divisions maintaining relations with the company.

Company employees are not permitted to influence any decision whether directly or indirectly and are prohibited from using their position in the company in order to receive personal or financial gain.

Company employees shall not receive gifts from business entities or competitors, except for symbolic and acceptable business gifts that can be classified as public relations due to their low fiscal value, all of which are subject to company regulations.

Gifts on behalf of the company to other entities shall be granted by those explicitly permitted to do so and subject to company regulations.

Confidentiality

Company employees and company officers are obligated to keep the company's business and security secrets confidential.

Employees and managers must take strict safety measures in order to make sure that these secrets, including information placed in their hands, are not disclosed to others, whether within the company or outside of the company, including by way of email transmissions, except for disclosure according to company needs and requirements.

These secrets and information include, among others, all company documents, business and strategic plans, information regarding customers, suppliers, routes of pipelines leading to security installations and various entities with which the company is in contact.

Additionally, employees and company officers shall make sure not to make public and not to transfer any information to the media, excluding whoever is authorized to do so by the general manager.

Each one of us is committed to protecting confidential information during our term of employment and following termination of employment, subject to the regulations and laws.

Privacy

Company employees and company officers shall act according to the provisions of the Privacy Law. Any personal information existing in employee files, all details relating to personal affairs, position, promotion and conditions of employment are secret and may not be distributed except to employees who have been authorized within the scope of their position.

Safeguarding Company Assets

Company employees and company officers are obligated to safeguard its assets and insure proper use of them for their business activities for company purposes. It is prohibited to make use of them for private needs, except where explicitly permitted in the employee's employment contract.

Additionally, employees are obliged to maintain property in their possession under appropriate conditions and take suitable precautions, act economically and efficiently.

Political Activity

Employees wishing to participate in political activity shall do so outside of working hours and off company grounds, subject to regulations and laws.

None of us is allowed to use company money or assets to support a political body or candidate.

Chain of Command

Employees must follow the orders of their supervisors, subject to applicable law, both regarding behavior, work methods and priorities.

Managers shall refrain from giving orders to employees not directly subordinated to them, but rather contact them through their direct supervisors.

Employees shall not assume responsibility in the name of the company towards any third party, unless done in accordance with company authorizations and signatory rights.

Employee or company officers must consult with their supervisors or with the professional bodies in the company regarding any matter about which they have doubts regarding the proper course of action to be taken in order to fulfil their position.

Employees and company officers must bring to the attention of their supervisors any information that has come to their knowledge, which affects or could affect the company and its business results.

Reporting

Employees and company officers shall report to their supervisors any apparent breach of the provisions of any law or the provisions of the code of ethics by any employee or company officer, including any matter relating to fraud, deceit or unlawful actions, whether in the realms of finance, accounting, reporting, safety, or any other realm.

The company shall handle such reports with the utmost discretion, while protecting the reporting employee/company officer from any harassment or harm, as required by law. Nevertheless, if it is learned that a report is knowingly false, e.g. in order to hurt a fellow employee, the employee/company officer shall be subject to severe disciplinary measures by the company.

Investigations

The management shall decide whether any safety, disciplinary or other incident warrants an investigation.

The purpose of investigations is to examine the incident from every possible angle, to draw constructive conclusions and distribute the information to the relevant factors in the company in order to prevent the next incident. All employees must show maximum openness during these investigations.

Implementation

All company employees undertake to totally comply with the code of ethics.

Questions regarding the code of ethics and its interpretation should be forwarded to the company's Ethics Committee, which is about to  be established, and to the company's legal advisor.

 

Rafi Taterka,

C.E.O