Paz launches solar energy venture

Zadik Bino: Israel is our main target in the energy sector.

Paz Oil Company Ltd. (TASE:PZOL) today officially launched the activities of its solar energy arm Paz Solar, which markets and installs solar energy systems for producing electricity using photovoltaic technologies.

At a press conference today, Paz Solar CEO Yogev Gavri and Paz Industries CEO Pinchas Biderman said that the company's strategic target is to lead Israel's solar energy market, both in the volume of electricity produced and the quality of equipment and implementation.

Paz chairman Zadik Bino said that Paz's activities in the solar energy sector will focus mainly on Israel. He said, "We are a country with 7.2 million people and if we add the energy sector in Judea, Samaria and Gaza we will reach 10 million residents. That is not a small country but a medium-sized country. Israel is our main target but if there will be interesting opportunities abroad we will consider them."

Bino added, "We are not inventing the wheel here. Everything we are doing is to add value to the company and its shareholders. Solar energy is something that can be measured. When you finish a project you know exactly what it has put into the company.

Published by Globes [online], Israel business news - - on July 28, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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