Paz Sells Ashdod Refinery Stake for $20 Million

Paz Oil Company is selling its entire stake in the Ashdod Oil Refinery, representing 4.9% of the company's shares. The sale is being conducted through Leader Brokerage and on the stock exchange for approximately 75 million shekels (about $20 million USD).

The sale has caused the Ashdod Oil Refinery's stock to surge by over 9% on the Tel Aviv Stock Exchange, with high trading volume accompanying the share distribution. This transaction follows Shapir Engineering's decision not to exercise an option to purchase Paz's holdings in the refinery earlier last week.

Paz Oil, a major Israeli energy company, is divesting its minority share in the refinery, a move that has generated significant market activity.