The Haifa Refinery (BAZAN) continues to operate under wartime conditions. Given the uncertainty of global diesel supply and with BAZAN as the only significant refinery in the Eastern Mediterranean, I invested some of my savings in the stock. Yesterday, the anti-business environmental parasites published an alarming report that they found elevated concentrations of benzene in the air, so the population should stay at home with windows closed. I was sure that the share would collapse. Instead, it is rising 3%. BAZAN announced that:
Following media reports over the past two days regarding benzene measurements in the area of the Group’s plants, the Company hereby announces that, during work carried out as part of the periodic maintenance (turnaround) of the aromatics facilities at Gadiv, elevated benzene concentrations were measured at several monitoring points in the area. Accordingly, and as a precautionary measure, the relevant work was suspended on a localized basis, and in parallel, steps are being taken to resume the work in coordination with the Ministry of Environmental Protection.
It is confusing.
Follow-up: The Houthis destroyed Saudi Arabia's main distillery. As expected, BAZAN lifted 6%. It appears that this is just the beginning of a glorious ascent.
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