The Board of Paz Oil Company Ltd. (TASE:PZOL) announced the spin-off of Paz Ashdod Refinery Ltd for on November 10, 2022. As per the transaction, The Board of Paz Oil Company Ltd. will distribute 80.1% stake in Paz Ashdod Refinery Ltd and will list it for trading on the Tel Aviv Stock Exchange. As per the transaction, shareholders will get one Paz Ashdod Refinery share for each Paz Oil share held.

The Board of Paz Oil Company Ltd. (TASE:PZOL) completed the spin-off of Paz Ashdod Refinery Ltd for on September 8, 2023.