After Health Ministry warning: Bazan shares plunge on stock exchange

Bazan shares are plunging more than 8% on the stock exchange after the Health Ministry and the Environmental Protection Ministry issued a warning about abnormal concentrations of benzene measured near the oil refineries in Haifa. Following the warning, two nearby schools were moved to alternative sites, and residents within a kilometer radius were advised to avoid unnecessary time outdoors. Despite the decline, the stock still shows an increase of nearly 100% since the beginning of the year.

Bazan, the company operating the oil refineries in Haifa Bay, is plunging more than 8% on the Tel Aviv Stock Exchange this morning (Monday, October 12, 2026), following a severe warning issued by the Health Ministry and the Environmental Protection Ministry. According to the ministries' announcement, during last weekend (October 9-10), very abnormal concentrations of benzene were measured at a monitoring station near the Deshanim industrial zone in Kiryat Ata. On October 11, high concentrations were also measured at the monitoring station in Haifa, near the old licensing office, and at another station in Kiryat Ata. Following the incident, the Health Ministry, in consultation with the Environmental Protection Ministry and in coordination with the Kiryat Ata municipality, ordered the relocation of two nearby schools to alternative sites within the next day. Additionally, residents within a kilometer radius of the refineries, especially children and pregnant women, were advised to avoid unnecessary time outdoors. The Environmental Protection Ministry ordered a halt to maintenance work at the complex and demanded that the plant investigate the incident and submit a detailed plan for work and measures to prevent further deviations, as a condition for resuming them. The incident occurs against the backdrop of periodic maintenance work and damage restoration at the refinery complex, carried out in recent days. Despite the sharp decline, the article notes that Bazan's stock still shows an increase of nearly 100% since the beginning of the year.