Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Israel’s two refineries racked up record output last year despite domestic oil demand falling. A cut-price crude source – distressed cargoes from Iraqi Kurdistan – is the likely explanation.
Both of Israel’s refineries – the 196,000 b/d capacity Bazan plant in Haifa and the 100,000 b/d Paz plant in Ashdod achieved record runs in 2014. Total products output was 295,000 b/d, up by 4.5% from 282,000 b/d in 2013. Bazan output was 192,000 b/d and Paz 103,000 b/d on the back of fourth quarter output that was over 100% of nameplate CDU capacity (see table p11).
At first glance these figures seem odd: Israel has to import all the crude it refines, domestic demand is falling, and as the mothballing of several European refineries testifies, refining in the Mediterranean region is not generally a money-spinning enterprise. (CONTINUED - 936 WORDS)
DATA INSIDE THIS ARTICLE
|table||Israel Oil Products Supply And Demand Figures, 2014 (‘000 B/D)|