The oil refineries' announcement late last week that they will lower wholesale prices does not seem to have impressed the Delek Israel fuel company, which has now decided to set out in a new strategic direction.

TheMarker has learned that by the end of 2007 Delek is expected to import 70 percent of the fuel it sells, and will continue at the 60-70 percent level of overseas purchases through 2008.

Today Delek imports only 40 percent of its fuel needs, which is higher than that of the other fuel companies. It buys the remainder in Israel, mostly from newly privatized Haifa Oil Refineries. Delek has already signed contracts enabling it to reach the 70-percent import level and should achieve it within a few months; thus, for the first time, it will import a majority of its fuel.