Haifa oil refinery shut down after Iranian missile strike
The power plant that supplies electricity and steam to Bazan's industrial complex was severely hit.
The Iranian attack on Monday caused significant damage to Bazan Group’s facilities in Haifa, killing three company employees and forcing the shutdown of all operations at the site, the company reported to the stock exchange. Most notably, the power plant that supplies electricity and steam to Bazan's industrial complex was severely hit.
The attack resulted in the death of three company employees.
According to the company’s announcement, “As a result of the damage to the Bazan Group complex, the power plant responsible for generating part of the steam and electricity used by the group’s facilities was significantly damaged. Additional damage was also sustained. For the time being, all operations at the refinery and its subsidiaries in Haifa have been shut down. The company is working in coordination with the Israel Electric Corporation, which mobilized immediately, to restore a regular electricity supply to the complex as soon as possible.”
Trading in Bazan shares was suspended for several hours, with the reason initially unclear. A report to the Tel Aviv Stock Exchange cited “lack of clarity” as the cause of the halt. After several hours, it was confirmed that the disruption was due to the attack on Bazan’s Haifa complex.
In addition to refining, which is Bazan’s core activity, the company also produces raw materials for the chemical and plastics industries. On the previous day, following earlier Iranian missile and drone attacks, localized damage was reported to pipelines within the complex’s downstream facilities, leading to partial shutdowns. However, at that time, most operations continued as normal.
Bazan supplies approximately 60% of the diesel fuel used for transportation in Israel, as well as about half of the country’s gasoline.
