Bazan Stock Plummets After Health Ministry Warns of Benzene Levels
Translated & summarized from Now 14 by baba
Bazan's stock dropped over 8% after the Health and Environmental Protection Ministries warned of abnormal benzene levels near its Haifa oil refineries. Two schools were temporarily moved, and residents were advised to limit outdoor exposure. The Environmental Protection Ministry halted maintenance work pending an investigation and a plan to prevent future incidents. Despite the fall, Bazan's stock is up nearly 100% year-to-date.
The story in 6 lines · by baba
- Bazan's stock fell over 8% following a warning about abnormal benzene levels near its Haifa oil refineries.
- The Health and Environmental Protection Ministries issued the warning after high benzene readings were detected on October 9-11.
- Two schools near the refinery complex were temporarily relocated to alternative sites.
- Residents within a 1-kilometer radius were advised to limit unnecessary outdoor activity.
- Maintenance work at the refinery was halted pending an investigation and a plan to prevent future exceedances.
- Despite the sharp decline, Bazan's stock has risen nearly 100% since the start of the year.
The stock of Bazan, the company operating the Haifa oil refineries, fell sharply by over 8% on Monday morning. This decline followed a joint warning issued by the Ministry of Health and the Ministry of Environmental Protection regarding abnormal benzene concentrations detected near the refinery complex.
According to the ministries' announcement, extremely high benzene levels were measured on October 9th and 10th at a monitoring station adjacent to the Dushanim industrial zone in Kiryat Ata. On October 11th, elevated readings were also recorded at monitoring stations in Haifa and Kiryat Ata.
In response to the incident, the Ministry of Health, in consultation with the Ministry of Environmental Protection and the Kiryat Ata municipality, ordered the temporary relocation of two nearby schools to alternative sites for the following day. Additionally, residents within a 1-kilometer radius of the refineries, particularly children and pregnant women, were advised to minimize outdoor activity.
The Ministry of Environmental Protection has halted maintenance work at the complex and demanded that the refinery investigate the incident. The company must submit a detailed plan for the work and measures to prevent future exceedances before maintenance can resume. This event occurred amidst ongoing periodic maintenance and damage repair work at the refinery site.
Despite the significant drop, Bazan's stock has still seen an increase of nearly 100% since the beginning of the year, attributed to a surge in the refining margin, which is the difference between crude oil prices and the prices of refined products like diesel and jet fuel.
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