Less than a day after the International Air Transport Association (IATA) blamed Paz Oil Company Ltd. (TASE:PZOL) for the contaminated jet fuel which grounded flights at Ben Gurion Airport for several days in May, Paz has responded to the claims saying that it has completely different findings.

In a report to the Tel Aviv Stock Exchange this morning, Paz said, "The company has laboratory results that contradict the IATA team's results. According to the IATA investigation, there are findings that indicate contamination in the jet fuel, which apparently originated in the jet fuel gas that arrived from the Ashdod Oil Refinery belonging to Paz Aviation Services and Assets, a Paz subsidiary.

Paz responded immediately yesterday by saying, "Paz did not receive a final report from IATA, and as far as the company is aware, there are no findings that indicate the reason or cause of the fuel incident at Ben Gurion Airport." Today Paz said that, "On July 7, Paz gave the IATA team its response to the report since the IATA team did not visit the Ashdod refinery."

Paz stressed that, "The jet fuel produced in the Ashdod refinery was, and is, in order. The entire existing infrastructure in the Ashdod refinery has been checked and found in order." Paz attacks IATA and claims that the organization, "Cannot decide responsibility of the company or its subsidiary over the Ben Gurion Airport jet fuel incident."

Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2011

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