Paz
From Wikipedia, the free encyclopedia
Paz (Hebrew: פז), meaning gold, is the largest Israeli fuels company.
Paz distributes gasoline and other oil products through a network of gas stations, as well as natural gas for home use (cooking and heating) through its subsidiary PazGaz. The company holds 30% of the Israeli fuel market and 31% of the Israeli gas stations.
[edit] History
Paz was founded in 1922, as Anglo-Asiatic Petroleum. From 1927 it operated as part of Royal Dutch Shell, under the name Shell Palestine. In 1958 Shell withdrew from Israel under economic pressure from Arab countries. The symbol of the company, a yellow triangle, still resembles that of Shell.
The company changed to the ownership of the Briton Isaac Wolfson and the French Nahmias brothers and changed its name to Paz Petroleum Company Ltd. Wolfson sold his company holdings in 1981 to the State of Israel, who sold it in 1988 to the Australian Jack Lieberman. Since 1999 Israeli Bino Zadik owns the majority of the shares, with Lieberman and other groups holding minority interests.
Also in 1999, Paz acquired 74 percent of the Israeli fast food chain Burger Ranch. In late 2001, Paz completed the acquisition, becoming 100 percent owners of the chain. New branches of Burger Ranch were opened at Paz gas stations. In 2006, Paz sold the chain to the Israeli businessman Yossi Hoshinski. Paz operates combined cafes and stores in many gas stations, through another subsidiary by the name "Yellow".
[edit] Trivia
Gas stations owned by Paz are the subject of a common joke among English-speaking Israelis. The name "Paz Gas" is very similar to the English colloquial "pass gas", slang for flatulence.
