Petrochemical Company CEO Wants to Leave Fossil Fuels Behind for Renewable Energy

The goal is to get to a point where fossil fuels are no longer relevant, according to Shlomi Basson, CEO of Israeli oil refining and petrochemicals company Bazan Group. Basson spoke Wednesday at Calcalist's Industry and Economy conference held in Tel Aviv in collaboration with Bazan.

“We believe the future lies with renewable energy,” he said. In the field of petrochemicals, Bazan is interested in the economy of recycling, such as creating plastic out of wood instead of crude oil, Basson said. There is an increase in energy consumption in the world, but there is also a trend towards renewable energy, and will become a new energy generation (NEG) company, Basson said.

Biofuels are an emerging field, and Bazan wants to be an innovator in this field, Basson said. “Bazan Group set out a goal for itself to lead the technologies in the energy sector, and we have set up an innovation center to promote entrepreneurship in this field,” he said.