Paz Retail And Energy Ltd.
PZZPF
2
exclusion reasons
1 theme
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. But it is subject to change as our understanding of the facts evolves.
Paz Oil Company is Israel's largest fuel distributor, operating gas stations and fuel infrastructure in Israeli settlements in the occupied West Bank. Listed by AFSC and Who Profits for settlement industry involvement.
Paz Retail and Energy Ltd. is one of two Israeli companies that produce jet fuel from imported crude oil. Its subsidiary, Ashdod Refinery, provides jet fuel to the Israeli Air Force, which operates in Gaza. The company also supplies jet fuel to the Israeli Navy.
The United Nations Human Rights Council has documented these activities. A 2025 report from the Council specifically identified Paz Retail and Energy Ltd. as a company providing jet fuel to the Israeli Air Force for operations in Gaza. In May 2025, Norway’s Council on Ethics recommended the company’s exclusion from the Government Pension Fund Global due to an unacceptable risk that its activities contribute to serious violations of international humanitarian law in an active conflict zone. The Council concluded that Israel's policies and practices in occupied territories constitute violations of international law, including the prohibition on forcible transfers.
Research Sources
2 organizations
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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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