Strike ends at Israeli oil refinery Paz
TEL AVIV (Reuters) — Workers at Israel's Paz Oil on Monday ended their strike that had shut down the refinery in the city of Ashdod after labor and management agreed in principle to a new collective labor contract.
The agreement is for five years, during which time the workers' union agreed to refrain from strikes. A definitive and binding agreement is expected to be signed in the coming days.
Paz had estimated that the shutdown, which began on Sunday, would cost its refining business $7.9 MM a month, including depreciation.
"Company management is pleased that workers acted responsibly during negotiations and that the sides reached an agreement," Paz said in a statement to the Tel Aviv Stock Exchange.
Paz's Ashdod facility is one of Israel's two main refineries.
Reporting by Tova Cohen, editing by Louise Heavens
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