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Israel’s two refiners Paz and Bazan kept runs at near record levels in the first half of 2016 despite falling margins.
Total output from the two plants – which have a combined capacity of 296,000 b/d – was 293,600 b/d in Q1 and 291,400 in Q2. For the first half as a whole output was 292,500 b/d, almost bang in line with 2015 numbers. The output data indicate that the plants collectively continue to run at around 95% of capacity as they have done since late 2013 (see table).
Paz, operator of a 100,000 b/d refinery situated in Ashdod on the south west coast, says in its Q2 results that its first half 2016 profits were squeezed by low refined products prices – which it attributed to high inventories – at a time of rising crude oil prices. The company reports net sales of NIS5.15bn ($1.37bn) in H1 2016, down 24% from NIS6.80bn ($1.81bn) in H1 2015. (CONTINUED - 442 WORDS)
DATA INSIDE THIS ARTICLE
|table||Israel Oil Supply And Demand ('000 B/D)|