Type Public Industry Energy, Retail Headquarters Central District, Israel | Traded as TASE: PZOL CEO Yona Fogel (1 Oct 2007–) Founded 1922 | |
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Key people Zadik Bino, Owner
Yona Fogel, CEO Products Petroleum, Petrochemical Revenue ₪ 12,690 million (2009) Stock price PZOL (TLV) 59,320.00 ILA -610.00 (-1.02%)23 Mar, 5:24 PM GMT+2 - Disclaimer Founder Edmond James de Rothschild Subsidiaries Ashdod Oil Refineries, Paz Aviation Assets Ltd | ||
Paz Oil Company Ltd. (Hebrew: פז) (TASE: PZOL) is the largest Israeli fuels company. Paz distributes gasoline and other petroleum products through a network of gas stations, as well as LPG and natural gas for home use (cooking and heating) through its subsidiary PazGaz. The company holds 30% of the Israeli fuel market and 31% of the Israeli gas stations.
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History
Paz was founded in 1922, as Anglo-Asiatic Petroleum. From 1927 it operated as part of Royal Dutch Shell, under the name Shell Palestine. In 1958 Shell withdrew from Israel under economic pressure from Arab countries. The symbol of the company, a yellow triangle, still resembles that of Shell.
The company changed to the ownership of the Briton Isaac Wolfson and the French Nahmias brothers and changed its name to Paz Petroleum Company Ltd. Wolfson sold his company holdings in 1981 to the State of Israel, who sold it in 1988 to the Australian Jack Liberman. Since 1999 Israeli Zadik Bino owns the majority of the shares, with the Liberman family and other groups holding minority interests.
Also in 1999, Paz acquired 74 percent of the Israeli fast food chain Burger Ranch. In late 2001, Paz completed the acquisition, becoming 100 percent owners of the chain. New branches of Burger Ranch were opened at Paz gas stations. In 2006, Paz sold the chain to the Israeli businessman Yossi Hoshinski. Paz operates combined cafes and stores in many gas stations, through another subsidiary by the name "Yellow".
In August 2006 Paz won a tender to acquire the Ashdod Oil Refineries with a NIS 3.5 billion bid, from Oil Refineries Ltd; which was forced to break its monopoly on oil refining in Israel. The acquisition made Paz Israel's most powerful energy company, and its owner Zadik Bino the industry's most powerful figure.