December 27, 2018 / 8:13 AM / 24 days ago

Israel's Paz Oil renews contract with Palestinian Authority

JERUSALEM (Reuters) - Paz Oil said on Thursday it extended its contract with the Palestinian Authority to sell petroleum products in the West Bank and Gaza Strip for two more years.

Paz, Israel’s largest distributor of refined oil products, said it will also provide maintenance and equipment under the agreement, which lasts until the end of 2020.

The Palestinian Authority is a major customer for Paz and in 2017 accounted for 11 percent of the company’s revenue.

Paz said it received a guarantee from the Palestinian Authority that the company could collect payment from tax money Israel’s government collects on behalf of the Palestinians under interim peace agreements.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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