Oil Refining

Rafael Maman, CEO of Bazan, stated that relying solely on fuel imports is utopian for Israel, emphasizing that the country must maintain independent refining capabilities given current security realities.

The Bazan Group has valued the cost of its planned evacuation from Haifa Bay at over $5 billion. The company's management has submitted these figures to the head of the National Economic Council, Prof. Avi Simhon.

The company moved from a loss of $37 million to a profit after the refining margin jumped to $17.9 per barrel. Ukrainian attacks on oil refineries in Russia and the blocking of the Strait of Hormuz reduced the supply of fuel products and boosted profitability.

Local refining companies have faced a challenging year marked by operational disruptions and the impacts of war. Despite these hurdles, a sharp surge in refining margins has led to a doubling of the value of Bazan and BAZA shares year-to-date, providing significant returns for shareholders.