Iranian missile strike costs Bazan up to $200 million
Haifa refinery receives $48 million advance as key power plant remains offline after deadly attack last month.
The Iranian missile that struck the Bazan compound in Haifa during Operation Rising Lion caused damage estimated at $150–200 million, the company reported to the stock exchange on Wednesday. Bazan stated that it has received an initial advance payment of $48 million (NIS 160 million) from the compensation fund to cover part of the damage.
On June 16, the power plant at the Bazan complex in Haifa was hit. As a result, three employees were killed and operations at the site were completely shut down.
The company later reported that “due to the damage to the complex, the power plant responsible for a portion of the steam and electricity production used by the group’s facilities was significantly damaged.”
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Bazan produces about 60% of the diesel fuel used for transportation in Israel and about half of the country’s gasoline, making it critical to the local energy sector.
In addition to refining, which is Bazan’s core activity, the company also produces raw materials for the chemical and plastics industries. On the previous day, following earlier Iranian missile and drone attacks, localized damage was reported to pipelines within the complex’s downstream facilities, leading to partial shutdowns. However, at that time, most operations continued as normal.
