Haifa-based oil refining company, Bazan, announced on Sunday night that it had partially resumed operations following the Iranian missile strike in Operation Rising Lion, which tragically claimed the lives of three employees and temporarily halted production.
The company informed the Tel Aviv Stock Exchange that it had restarted partial operations at its refining and downstream facilities.
"The company has developed a systematic work plan and has begun implementing it to gradually restore all operations at the group’s facilities. The full recovery will be completed upon the installation of the steam facilities, which will enable a return to full operations," the statement said.
However, according to Bazan, the installation of the steam facilities necessary for full operation is expected to be completed between September and October.
The company added that it is working with the property tax and compensation fund "to exhaust its rights and receive advances for the direct damages incurred."
Company is insured against damage from terrorism
Additionally, the company stated in its announcement that it is "insured against indirect damage and loss of profits resulting from acts of terrorism and war, with coverage up to $250 million," and highlighted its financial strength, regardless of when the expected compensation is received.
Bazan emphasized that "Operating the group’s facilities after a sudden halt, especially one caused by external damage, is a complex process that involves multiple uncertainties. It demands extreme caution and operational flexibility, along with strict adherence to safety regulations and environmental laws."