August 26, 2018 / 1:16 PM / a year ago

Israel's Paz Oil Q2 profit doubles

JERUSALEM, Aug 26 (Reuters) -

* Paz Oil reported on Sunday a doubling of quarterly profit, boosted by higher revenue.

* Paz, Israel’s largest distributor of refined oil products, earned 90 million shekels ($25 million) in the second quarter, compared with 45 million a year earlier when there was a shutdown of a refinery for part of the quarter for renovation.

* Revenue grew to 3.7 billion shekels from 2.3 billion.

* Paz’s adjusted refining margin in the second quarter was $7.6 per barrel, compared with Reuters’ quoted Mediterranean Ural Cracking Margin of $4.4 a barrel, and $7.9 a barrel in the same period a year earlier.

* Its adjusted net profit in the second jumped to 119 million shekels from 33 million a year earlier.

* The construction of an off-gas recovery facility began operating in July and is now close to operating capacity. It is expected to contribute $0.4-$0.7 per barrel and to lessen the impact of the price of oil on Paz’s refining margin, it said.

* ($1 = 3.6584 shekels) (Reporting by Steven Scheer)

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