Israeli firm Paz, the owner of Israel’s 100,000 b/d Paz Ashdod Refinery has agreed to the sale of a 15% stake in the refinery to local engineering firm Shapir. At the same time, 80.1% of the newly formed “Ashdod Oil Refinery” company’s shares will be handed to Paz’s shareholders as a dividend and once the deal is completed, the new entity will be listed on the Tel Aviv Stock Exchange (TASE).

Paz, which is Israel’s top fuel retailer and has a growing network of convenience stores, will retain a 4.9% stake in the oil refinery, while Shapir will have a five-year option to increase its holdings to 65% according to the deal which still requires regulatory approval. There is as yet no estimated completion date for the deal, which has been on the cards since early 2021 (MEES, 26 March 2021). (CONTINUED - 618 WORDS)