Bethel Finance news:
The financial report for 2010 of Paz Oil Company Ltd. (TASE:PZOL) states that its subsidiary, Paz Aviation Assets Ltd., "could face exposure to claims in the event of problems in the quality of fuels caused before their arrival at planes." Paz and Mercury Aviation Israel Ltd. are the two companies responsible for such problems from the refueling points to the planes. Both companies receive fuel from Paz Aviation Assets Ltd.
Paz Aviation Assets was founded in 1964. It is responsible for the quality of fuels delivered to planes at Ben Gurion Airport. The company is supposed to regularly test the quality of the jet fuel it supplies from its facilities and storage tanks, located at a 23-dunam (5.75-acre) fuel farm at the airport.
Paz Aviation Assets has a joint insurance policy with sister company Paz Aviation Services Ltd. and the Israel Airports Authority capped at $500 million liability.
Paz Aviation Assets holds jet fuel at the airport fuel farm and owns part of the jet fuel pipeline from the fuel farm at Bilu Junction owned by government-owned Petroleum and Infrastructures Ltd.. In 2006, Paz acquired the Ashdod refinery and received permission to continue ownership of Paz Aviation Assets despite its sole ownership of critical facilities. Under the settlement, Paz Aviation Assets was declared a monopoly and commit to prices set by the Antitrust Authority and provide unconditional services to Ben Gurion Airport.
Paz Aviation Services provides fueling and related services for planes at Ben Gurion under a five-year contract signed with the Airports Authority in 2006. The company is currently negotiation renewal of the contract for five more years.
In May 2007, Paz Aviation Services won a similar contract from the Airports Authority to fuel planes at other airports for domestic flights. In 2002, the Antitrust Authority said that it was considering declaring Paz Aviation Services a monopoly in its field, but never actually did so.
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