Paz mulls spinning off Ashdod oil refinery

• Published date: 18 July 2021
• Date: 18 July 2021

Paz is Israel's leading fuel station and convenience stores company, with 256 fuel stations. It owns real estate on which 106 of its fuel stations stand, and rights in other plot of land. The company rents areas on its fuel station sites to various tenants, such as restaurants, cafés, and stores.

Paz also sells fuel and oil products directly to companies and airlines.

In the past year Paz has received non-binding offers to buy the oil refinery, which has caused it heavy losses in recent years, but the offers were substantially below the $1 million value that the company was aiming for, and apparently even lower than the book value of the oil refinery

In the past few months, Paz which has a market cap of NIS 3.8 billion and no controlling shareholder, has been in a process of being sold or merged. Last week, Yosef and Shlomo Amir, controlling shareholders in retail chain Freshmarket (TASE: FRSM), made a merger offer which would make the Amir brothers the controlling shareholders in Paz. Under the proposal, Freshmarket would be merged into Paz, and its...