Michael Bubrov Sells 18% Stake in Petrochemical Company at 20% Market Discount

Three years after an unsuccessful attempt to take control of Petrochemical Industries, businessman Michael Bubrov sold his entire 18% stake in the company yesterday for approximately 107 million shekels. Petrochemical Industries controls the Haifa oil refineries (Bazán). Bubrov had previously partnered with billionaire Beny Steinmetz's sons-in-law, Adar Schwartz and Ohad Schwartz, in a 2022 effort to take over the company, which was undergoing a debt restructuring.

The trio provided a 100 million shekel loan to the Federman family, convertible into 33 million shares of Petrochemical Industries, but did not receive approval from the Israeli Companies Authority to control the company. In 2025, the Federman family repurchased 13 million shares from them for 71 million shekels, at a price about 30% below market value, due to regulatory concerns that the purchase was financed by a loan from Trafigura, the energy company Bubrov once represented in Israel.

Following this transaction, the sons-in-law exited the investment vehicle Green Oil, leaving Bubrov with the remaining shares. Yesterday, Bubrov sold his remaining shares at a discount exceeding 20% to the market price. Institutional investors and hedge funds acquired the shares through Psagot Brokerage.

Summary: Businessman Michael Bubrov sold his remaining 18% stake in Petrochemical Industries, which controls the Haifa refineries, at a 20% discount to market price after a failed takeover attempt with Beny Steinmetz's sons-in-law. The shares were bought by institutional investors and hedge funds via Psagot Brokerage.