Paz
Encyclopedia
Paz Oil Company Ltd. is the largest Israeli
fuels company
. Its name means "gold" in Hebrew. Paz distributes gasoline and other oil products through a network of gas stations, as well as 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.
, 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 Australia
n 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.
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
fuels company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
. Its name means "gold" in Hebrew. Paz distributes gasoline and other oil products through a network of gas stations, as well as 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.
History
Paz was founded in 1922, as Anglo-Asiatic Petroleum. From 1927 it operated as part of Royal Dutch ShellRoyal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
, under the name Shell Palestine. In 1958 Shell withdrew from Israel under economic pressure from Arab countries
Arab League boycott of Israel
The Arab League boycott of Israel is a systematic effort by Arab League member states to isolate Israel economically to prevent Arab states and discourage non-Arabs from providing support to Israel and adding to Israel's economic and military strength...
. The symbol of the company, a yellow triangle, still resembles that of Shell.
The company changed to the ownership of the Briton
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
Isaac Wolfson
Isaac Wolfson
Sir Isaac Wolfson, 1st Baronet FRS was a businessman and philanthropist. He was managing director of Great Universal Stores 1932-1947 and chairman 1947-1987. He established the Wolfson Foundation to distribute most of his fortune to good causes. Great Universal Stores was a mail order business...
and the French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
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 Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n Jack Liberman. Since 1999 Israeli Zadik Bino
Zadik Bino
Zadik Bino is an Israeli businessman of Iraqi Jewish descent.He has also been selected as "Globes Man of the Year" in Tel Aviv, Israel.He owns majority shares in Israeli company, Paz.He is married with three children....
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
Ashdod Oil Refineries
Ashdod Oil Refinery is second largest Oil Refinery in Israel, after Haifa Oil Refineries Ltd, located in coastal city of Ashdod. It was once part of governmental company Oil Refineries Ltd. After privatization of the company and solution to break the monopoly in Oil Refinery field, Ashdod oil...
with a NIS 3.5 billion bid, from Oil Refineries Ltd
Oil Refineries Ltd
Oil Refineries Ltd. , located in Haifa Bay, is Israel's largest Oil refinery. Using its state-of-the-art industrial facilities, ORL is capable of refining approximately 9.8 million tons of crude oil per year providing a variety of products used in industrial operation, transportation, private...
; which was forced to break its monopoly on oil refining in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. The acquisition made Paz Israel's most powerful energy company, and its owner Zadik Bino the industry's most powerful figure.