Israeli energy corporation Paz Group has announced plans to build a new 700 MW gas-fired power plant in Ashdod (Israel), near the site of the 5.2 Mt/year Ashdod refinery. Estimated to be built at a total cost of about US$700m, the CCGT power project could start commercial operations as early as 2023. The produced power would feed the Israeli domestic grid. The construction could be carried out either by Paz Group alone or in partnership with other companies. It would be financed with Paz's capital and through a debt offering procedure.
Paz Group will also consider participating in a tender for 5 power plants to be sold off by state-owned power utility Israel Electric Corp in the coming eight years. The 600 MW Alon Tavor power plant could be sold by the end of 2019.
Paz Group is involved in various activities such as refining, production, storage, importing and marketing of fuel products. It owns and operates the Ashdod refinery in Israel through its subsidiary Paz Oil Refineries along with a network of hundreds of gas stations, convenience stores and retail complexes.
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