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Analyses on Refineries (6)
- May 20, 2026
- April 30, 2026
- March 26, 2026March 26, 2026
- Follow-up
Bazan After The Hit: Where Insurance, Restoration, and Energy Redundancy Really Stand
Bazan's insurance and restoration file has progressed far enough to support the 2025 accounts, but not far enough to be called closed: $160 million was already recognized as income, $155 million was received from insurers, $58 million remains outside the statements, direct damag…
- Follow-up
Cantium Inside Bazan: How Much of the New EBITDA Can Really Turn Into Accessible Cash
Cantium adds a real new earnings leg to Bazan, but the cash that is actually accessible at the parent remains bounded by debt, hedging, abandonment funding, distribution limits, and a conditional refinancing path that Bazan itself frames at only $25 million to $30 million for it…
- Follow-up
Carmel Olefins After 2025: No Impairment, but Not Much Valuation Cushion Either
Carmel Olefins passed the 2025 year-end impairment test, but only with an accounting cushion of about $77.7 million, on top of a negative 2026 forecast, a recovery that is pushed mainly into 2028, and a full-compensation assumption around Haifa Bay.
Bazan 2025: Refining Recovered, but the Bottleneck Moved to Polymers and Cash Flexibility
Bazan's refinery is already back to generating strong economics, but the group thesis is still stuck in polymers, in an insurance file that is not fully closed, and in the gap between new EBITDA and real cash flexibility.
