Middle East Economic Survey


No 32



Paz Oil Wins Auction For IORs Ashdod Refinery

Local fuel distribution and retail company Paz Oil has won the auction for Israel Oil Refineries (IORs) 90,000 b/d Ashdod refinery, according to a Ministry of Finance statement on 31 July. Paz finally bid $800mn for the plant 60% above initial bids and three times pre-auction valuations for the refinery, beating off bids from local energy companies Delek and Dor-Alon. The high price achieved...