Paz Oil Company Ltd. (TASE:PZOL) has become Israel's largest independent power producer, after inaugurating its second power station, which boosts its electricity production capacity to 109 megawatts. Paz will hold the title for one week, until Israel Corporation (TASE: ILCO) unit OPC Rotem Ltd. inaugurates its 420-megawatt power station at Mishor Rotem.
Paz's new co-generation 60-megawatt power station is on the premises of the Paz Ashdod Refinery, which will consume 49 megawatts of the power station's capacity, with the surplus going to the national grid. The power station uses natural gas from the Tamar field. The power station was built as part of the $300 million Paz Ashdod Refinery's upgrade over the past two years. Construction of the power station began in September 2011 and cost $62 million.
The power station uses Rolls Royce turbines, and emissions are used to generate 60 tons of steam per hour, which is used by the refinery.
Paz built is first 49-megawatt power station, which also uses natural gas, at the refinery in 2009. Beginning in July 2013, it sells electricity from the power station to high-tech companies, factories, and hospitals.
Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2013
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