Middle East Economic Survey

VOL. XLIX

No 32

7-Aug-2006

israel

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...