Paz Retail And Energy Ltd.
PZZPF
4
exclusion reasons
1 theme
Paz Retail And Energy Ltd. is screened out under 4 exclusion reasons spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
Paz Retail and Energy Ltd. is Israel’s largest fuel and gas retailer. Its operations materially support activities in active conflict zones. Through its subsidiary Ashdod Refinery, the company provides jet fuel to the Israeli Air Force for its operations in Gaza. The company also operates infrastructure supplying fuel to Israeli settlements on the West Bank, contributing to their perpetuation.
In May 2025, Norway’s Government Pension Fund Global excluded Paz Retail and Energy Ltd., citing an unacceptable risk that the company contributes to serious violations of the rights of individuals in situations of war or conflict. The fund’s Council on Ethics concluded that by supplying fuel to settlements and military forces, the company is contributing to the perpetuation of a conflict-affected occupation. The United Nations Human Rights Council has listed the company in its database for business activities related to settlements.
AFSC Investigate: Settlement Industry, Exploitation of Natural Resources; fuel distribution in settlements
Research Sources
2 organizations
Related Exclusions
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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