Paz Oil Company
 | |
| Company type | Public |
|---|---|
| TASE: PZOL | |
| Industry | Energy, Retail |
| Founded | 1922 |
| Headquarters | , |
Key people | Zadik Bino, Owner Yona Fogel, CEO |
| Products | Petroleum, Petrochemical |
| Revenue |  ₪ 12.690 billion (2009) |
| ₪ 785 million (2009) | |
| ₪ 575 million (2009) | |
Number of employees | 2000~ (2009) |
| Divisions | Refining and Logistics Retail and Wholesale Industries and Services |
| Subsidiaries | Yellow Convenience Stores Paz Ashdod Refinery Ltd. Pazgas Ltd. Paz Solar Paz Aviation |
| Website | www.paz.co.il |
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Paz Oil Company Ltd. (Hebrew: פז חברת הנפט בע"מ) (TASE: PZOL) is the largest Israeli fuels company. Paz distributes gasoline and other petroleum products through a network of gas stations, as well as LPG and natural gas for home use (cooking and heating) through its subsidiary PazGaz. The company holds 30% of the Israeli fuel market and 31% of the Israeli gas stations.[1]
History
20th century
Paz was founded in 1922, as Anglo-Asiatic Petroleum. From 1927 it operated as part of Royal Dutch Shell, under the name Shell Palestine. In 1958 Shell withdrew from Israel under economic pressure from Arab countries. The symbol of the company, a yellow triangle, still resembles that of Shell.
The company changed to the ownership of the Briton Isaac Wolfson and the French Nahmias brothers and changed its name to Paz Petroleum Company Ltd. Wolfson sold his company holdings in 1981 to the State of Israel, who sold it in 1988 to the Australian Jack Liberman. Since 1999, the Israeli businessman Zadik Bino owns the majority of the shares, with the Liberman family and other groups holding minority interests. Also in 1999, Paz acquired 74 percent of the Israeli fast food chain Burger Ranch.
21st century
In late 2001, Paz completed the acquisition of Burger Ranch, becoming 100 percent owners of the chain. New branches of Burger Ranch were opened at Paz gas stations. In 2006, Paz sold the chain to the Israeli businessman Yossi Hoshinski. Paz operates combined cafes and stores in many gas stations, through another subsidiary by the name "Yellow".
In August 2006 Paz won a tender to acquire the Ashdod Oil Refineries with a NIS 3.5 billion bid, from Oil Refineries Ltd; which was forced to break its monopoly on oil refining in Israel. The acquisition made Paz Israel's most powerful energy company, and its owner Zadik Bino the industry's most powerful figure.[2]
Operations
Retail and Wholesale
- 260 filling stations across Israel
- 255 "Yellow" convenience stores
- Pazgas - Israel’s largest gas company, supplying LPG to over half a million customers
Refining and Logistics
Industries and Services
- Paz Aviation
- Paz Solar
- Paz Lubricants & Chemicals Ltd.
- Pazkar Ltd. - manufacturer of bituminous products, waterproofing membranes, coatings and adhesives
Criticism
Involvement in Israeli settlements
On 12 February 2020, the United Nations published a database of 112 companies helping to further Israeli settlement activity in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.[3] These settlements are considered illegal under international law.[4] Paz Oil was listed on the database on account of its "provision of services and utilities supporting the maintenance and existence of settlements" and "the use of natural resources, in particular water and land, for business purposes" in these occupied territories.[5]
On 5 July 2021, Norway's largest pension fund KLP said it would divest from Paz Oil together with 15 other business entities implicated in the UN report for their links to Israeli settlements in the occupied West Bank.[6]
See also
References
- ^ "Paz Oil Company - Company Profile", BusinessWeek, archived from the original on 2012-10-01, retrieved 2010-05-28
- ^ Kedmi, Sharon (1 Aug 2006), "Paz wins Ashdod refinery tender", Haaretz, retrieved 2010-05-28
- ^ "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
- ^ "UN Security Council Resolution 2334, 2016 (S/RES/2334(2016))". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
- ^ "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". UN OCHA. 12 Feb 2020. Retrieved 2021-09-12.
- ^ Fouche, Gwladys; Jessop, Simon (5 July 2021). "Nordic fund KLP excludes 16 companies over links to Israeli settlements in West Bank". Reuters. Retrieved 2021-09-13.
External links
| International | |
|---|---|
| National | |
