EGYPT Energy Complex - 2023

Refinery 200,000 Bpd

Petrochemical Complexes 500,000 MT (per year)
Tank Farm 8,500,000 BBL
Private Jetty 5 Berth

“Pre-Feasibility Study Report”

For
EGYPT Energy Complex
Including:

Executive Summary
Project Prospectus

Overall Business Plan

Probability or Internal Rate of Return on Investment “IRR”
 EGYPT Energy Complex

Dear Sirs,

Followings are summary briefing for EGYPT Energy Complex.

After gathering group of our experts such as Technical, Legal, Financial and
commercial team, decide to create an EGYPT Energy Complex in EGYPT .

The capacity of this refinery in phase one is 200,000 barrels per day.
Capacity of Petrochemical complexes is 500,000 MT Per Year

Necessary Land: 1,000 Hectares

 According to technical team knowledge and crude oil
specifications (as attached) EGYPT Energy Complex
calculated on 200.000/BBLS and selected the technology
on the following basis:
The refinery shall be built on a EPC+F Engineering, Procurement,
Construction, Finance which will be awarded to Financier/Constructor who
will be responsible for arranging the complete Financial Package required
based on an agreed project security imposed by the International Bankers
and Funders syndicating the funding provisions.

In this regard and to effect and deliver the above elements for purposes of
completing the Project Financing Security Structure, promoter propose the
Front End Development Works detailed below which can be carried out by
Financier and/or Constructor:

1- Detailed Marketing & Techno-Economic Pre-Feasibility Study. 2-

Basis of design.
3- Hydrographic & Site Survey and Soil Investigations etc. 4-
Front End Engineering Design (FEED).
5- Technology Securement.
6- Financial Engineering.
7- Legal documentations.
8- General Development Costs & Studies.
 TARGET PROJECT EXECUTION SCHEDULE
Following is an estimated and very preliminary time schedule considered
appropriate to complete the building of a full blown 200,000 bbls per day
grass roots refinery plus petrochemical complexes + tank farm + private
jetty and to facilitate at the same time the delivery of early production
revenue in the shortest possible time. THUS:

➢ Prepare detailed Market & Techno Economic Pre-Feasibility Study for

Bank Approval – Months 06 to 12
➢ Carry out Hydro-Graphic & other Marine surveys – Months 04 to 07
➢ Carry out all On-Shore Topographical & Site surveys and Site
investigations – Months 04 to 07
➢ Prepare Front End Engineering Design Package (FEED) – Months 04 to
10
➢ Prepare Environmental statements & studies and risk assessment
analysis – Months 06 to 10
➢ Deliver financial terms sheet & funding security disclosure – Months
14.
➢ Conclude specific product off take contract – Months 08 to 10
➢ Finalize & sign main EPCF contract – Month 12
➢ Establish energy complex – Months 30
 THE DESIGN CONCEPT:
Refinery to be designed using “latest state of the art” technology:

Modularized multi-upstream process modules based on hydro

skimming level of complexity.
Conventional downstream high complexity hydro-cracking and
Tertiary process streams.

This Concept is proposed to achieve enhanced economic and operability

drivers:

Early production revenue - product exports available 18 months earlier

than traditional concept producing revenue gain of US$ 2.25 billion.
Early revenue stream reduces debt-servicing burden during initial
project stages.
Optimizes cash flow & improves the debt service cover ratios.

Greater flexibility to enable adjustment of individual process streams to

facilitate variable crude and meet a variable product slate thus optimizing
market demands.

Optimized supervisory control resulting in reduced operating costs per

barrel.

Consequences of major equipment malfunctions are minimized.

100% maintenance shutdowns are avoided.

 PROJECT SCOPE OF WORKS

PROCESS PLANT (ISBL) - 2 Phases, 2 Process Stages per Phase:

Phase I – 100,000 bbls per day.

Stage 1 – Medium Complexity Multi Process Stream Hydro-Skimming

configuration comprising:
• Crude distillation
• Vacuum distillation towers
• Hydro-treaters for naphtha, kerosene gas oil and diesel
• LPG & Jet Fuel Merox units
• De-Euthanizers, etc.

➢ Stage 2 Process – High complexity Hydro Cracking & Tertiary processes:

• VGO Hydro-Cracker
• CCR Plat former / Reformer
• Hydrogen Plant
• Delayed Coking
• De-Sulphuration

➢ Stage 3 – Tank Farm – Private Jetty

➢ Stage 4 – Petrochemical Complex (olefine)

Phase II– Carbon copy of Phase I

 PRELIMINARY PROCESS FLOW DIAGRAM
NON-PROCESS FACILITIES:
Offsite & Utilities:
• Power Generation, Water Treatment and Steam Raising

• Crude Oil & Products storage

Site Instrumentation & Control Facilities:

• SCADA and Control Buildings

• Laboratories & Testing facilities

Main Import & Export Terminal Port:

• Jetties/ berths & pontoons incl. topsides

• Deep water access & maneuvering channels

• Sea water, storm haven facilities & shore protection

• Port Control, support vessels, Piloting & Navigation facilities.

Site Infrastructure Facilities:

• Offices, roads, warehousing and workshops,

• Portable water supply, drainage, sewage treatment,

• Security, fire and safety systems etc.

THE MARKET – COMMENTARY

➢ Final Market Supply and Demand determined via Pre-Feasibility Study.
➢ Market to be orientated towards African & south east Asia
➢ Market needs to concentrate on middle distillates and above.
➢ Product slate is to be LPG, Gasoline, Kerosene and Diesel with
residuals being converted into petroleum coke and marine bunker
fuel oils.
➢ Operating costs set at least US$1 per barrel below Singapore spot
prices.
➢ All sales projections to be based on a free, de-regulated market
 TARGET ECONOMICS & BUSINESS RETURNS

Target Installed Costs –US$ 10.25 Billions (+/- 10%)

CAPEX – US$ 2.45 Billion (+/- 10%)

OPEX – US$ 1.50 per barrel per day

Average Gross Operating Margin – US$ 5.0/ bbl/ day

Average Net Cash Cost Operating Margin – US$ 3.5/ bbl/ day

NPV–Approximately US$ 800 Millions

Project Real IRR – 15%

Debt Service Cover Ratio (DSCR) – 3.9 max. & 1.4 min

Estimated Pay Back Period – 7 years

TECHNO-ECONOMIC COMMENTARY - 200,000 BBLS / DAY
MODULARISED GRASS ROOTS REFINERY DEVELOPMENT

1.0 GENERAL INTRODUCTION & COMMENTARY:

The following general techno-economic commentary for the Refinery
proposed is made on the assumption of the petroleum product market
being targeted on middle distillates as summarized in the attached
estimated product slate variations and the crude oil assumed to be a
blend of Light and Heavy, its detailed assay not being disclosed.

For purposes of the following synopsis, a 50/50 blend of Light &Heavy

has been assumed reflecting an average 31degree API.

Any information and data given in the following text should be

assumed and taken as preliminary reflecting guideline information
only and would need to be followed up by a specific tailored study
presentation and FEED based on owners more detailed requirement
embracing technical, market and other commercial parameters.

The standards of product would generally reflect latest European and

International standards including environmental provisions and
safeguards.
 It is also assumed the market demand specifically points to a product
slate comprising LPG, Gasoline, Kerosene / Jet Fuel, Diesel (not Gas Oil)
for purposes of illustrating the economics. It is important to
understand and appreciate the flexibility of the modularized
approach where the product can be varied via 20,000 bpd stream by
stream and the crude oil blended accordingly to optimize product
slate as driven by the market.

Thus, the following presentation forms the basis of this first

preliminary proposal for building 200,000 barrels per day oil refinery
on a modularized concept refinery in EGYPT.

2.0 TECHNICAL ASSUMPTIONS:

The following assumptions are made in developing a new modularized

paralleled stream refinery concept (hereafter abbreviated and called
MRC).

➢ It is assumed a new green site has been allocated at Duqm, which

requires a new infrastructure, offsite and utilities complete with
export marine terminal and deep-water channel and sea protection
works.

➢ For purposes of economic justification and to generate a robust

refinery with bankable financial operating parameters, it is assumed
that all and/or any subsidies in place in respect of market petroleum
product pricing regimes would be removed such that the refinery
could be operated on an internationally.
➢ accepted commercialized basis against a completely de-regulated
market.

➢ To accommodate a commercial and leveraged financial loan facility,

the Banks would expect to provide such financing assuming a non /
limited recourse financing structure whereby the project would need
to be proven economically robust and where the following security
package or similar structure would need to be accepted in principle
and ultimately taken account of by the refinery owners namely:

2.1 Presentation of a detailed techno-economic engineering study

and financing plan demonstrating the refinery to be technically
and economically robust and bankable.
2.2 The petroleum product off take would have to be secured by the
owner’s marketing companies on a take or pay medium term (5
years or more) basis.
2.3 Similarly, the crude oil supply would also need to be secured on
a supply or pay medium term basis.
2.4 The operating organization and operating margins would need
to be optimized to reflect international investment and
operational norms and standards.
2.5 The quality of the petroleum products produced would need to
meet international standards with an Environmental Impact
Statement and Plan submitted to and approved by theLenders,
Province, State and Government.
3.0 ANALYSIS & RECOMMENDATIONS:

3.1 General

➢ Assuming the above assumptions are accepted and applied, it

can be demonstrated that the overall advantages gained by
building the complete refinery adopting a multi 20,000 bbls
per day upstream vie breaking complex factored processes
streamed modularized refinery concept (MRC) are significant
from technical, economic, financing and early production
viewpoints.
➢ These advantages which are listed below make the project not
only economically robust but bankable provided the financial
parameters and market pricing regimes are de- regularized
and made comparable with those being handled by
international refining centers elsewhere and that investment
incentives are in place as would be normal on theinternational
stage for this level and complexity of project development.

3.2 Development Completion Period

➢ The total completion period associated with the building of a

conventional grass roots refinery is of the order of say 30 to 45
months from the “kick-off” milestone of Financial Close
confirming project finance is in place. During this period of
time, no revenue is generated contributing to the new
refinery’s debt service cover ratio and obligations. Thus the
funding burden i.e. servicing of the debt portion of the new
refinery cannot effectively begin until commissioning is
complete say years 2025/2024.
➢ This is not conducive to strong economics and precludes the
possibility of achieving reasonable payback periods. This
extended period in effect places a moribund on early
production revenue with the consequence of placing
additional burdens onto the refinery owners to fund a greater
proportion of the capital investment.

➢ With the MRC concept, a significant and incremental revenue

stream can be triggered after 24 months from the same “kick-
off” milestone with considerable revenue contribution to
funding and debt servicing up to the years 2024/25 being
generated as highlighted below.

3.3 Early Production Revenue

➢ From the above, the inherent early production advantage is

significant and would reflect a revenue gain of some US$1.50
billion and gross operating margins / profit of the order of some
US$ 250 million during the 24 month period mentioned above.

➢ These potential earnings gains could be used to significantly

reduce the debt-servicing burden and it could be argued write-
off a substantial portion of the banking levies and interest
charges attributable to the project and further optimize the
cash flow streams.

➢ Because of the reduced debt servicing burdens and increased

early revenue generated it is estimated that an increase in the
real internal rate of return (IRR) for the project of some 2% to
4% will be forthcoming.
3.4 Reduced Capital & Investment Costs

➢ A significant estimated installed capital cost saving (excluding

owners and miscellaneous costs) of up to some US$ 500
million plus is projected for a 200,000 bbls per day refinery
complex developed on a MRC basis. This saving in capital costs
reflects an additional 3% to 4% in the real Internal Rate of
Return (IRR) for the Project.

3.5 Flexible Operations, Variable Product & Crude Oil

Slates

➢ The MRC arrangement introduces considerable flexibility in

the way of phased increase in production by building the new
refinery in 20,000 bbls per day upstream on a process stream-
by-stream modularized unit basis.

➢ The MRC also introduces flexibility both in the process balance

on a stream-by-stream basis to meet the continually varying
products slate created and driven by the market forces and in
the operation of the refinery. This additional flexibility is
achieved by being able to facilitate a wider range of blends of
crude in each main modularized process stream on a stream-
by-stream basis.

3.6 Operating Efficiency

➢ The operating organization and its associated operating costs

for the MRC refinery are more streamlined and cost effective
and place less reliance on artisan and labor-intensive work
forces. This lends its self to an advanced technology based
operating organization.
 ➢ The MRC parallel streamed configuration also enables greater
and more effective use of high-tech optimization and
analytical control systems incorporated to optimize and
streamline the conversion of feedstock to end refinedproduct
resulting in increased dollars per barrel process conversion
and thus enhanced operating margins.

This enhancement is estimated to reflect some 5% to 7.50%

increase in the gross operating margin, which is difficult to
achieve with the conventional process configuration for
which the process plant units are larger and less able to
accommodate process adjustments without conversion
losses.

3.7 Future Expansions & Operations & Maintenance

➢ A 100% shut down to facilitate maintenance “turn-round”

programmers are avoided with the MRC configuration. Turn-
round and major overhaul maintenance operations can be
carried out stream by stream thus incurring only 10% to 20%
shut down time and reduction in refinery production at any
one time.

➢ Modifications such as de-bottlenecking and plant expansions

that from time to time are required dictated by market
conditions and forces are less problematical to implement for
a MRC plant than for the conventional configuration.
4.0 PROCESS CONFIGURATION

➢ Based on a Crude Oil Blend Assay equal to 50% Light and 50%
Heavy, the 200,000 bbls per day Refinery process would be
evolved in two process stages namely:

Upstream Stage I - An upstream vis- breaking process

configuration based on medium “Nelson Complex Factor
Number” comprising 10 No. 20,000 bbls per day modularized
units each comprising of:

- 1 No. Crude Distillation Tower

- 1 No. Vacuum Distillation Tower
- 1 No. Naphtha Hydrotreater
- 1 No. Kerosene Hydrotreater
-
Downstream Stage II – Product from the Stage I process then
goes through a downstream and tertiary process based on high
“Nelson Complex Factor Number” configuration and
comprising the following “stick built” process units:

- 2 No. 37,000 bpd VGO Hydro cracking / Platforming

units
- 2 No. Delayed Coking Units
- 2 No. Sulphur recovery Units
- 2 No. CCR Catalytic reformer Units
- 2 No. Diesel Hydrotreater
- 2 No. Isomerization Units
- 2 No. Hydrogen Plants
- 1 No. Gasoline Treatment Units for Octane Rating.
5.0 PRELIMINARY ESTIMATED PRODUCT
PRODUCTION SLATE (TYPICAL)

- LPG : 20,000 bpd

- Gasoline : 64,000 bpd
- Jet Fuel / Kerosene : 40,000 bpd
- Diesel : 56,000 bpd
- Petroleum Coke : 4,000 bpd
- Sulfur : 2,000 bpd.

6.0 SUMMARY OF CAPEX & ECONOMIC RETURNS AND

OPERATING COSTS.

• Total Installed Costs (Accuracy of + 30% & - 0%) US$ 2.1

Billion with +/- 10% tolerance.
• This includes for the complete refinery complex including
IPBL process plant, offsite, utilities, complete infrastructure,
fire protection, roads, tankers, loading facilities, metering,
administration and control room, security systems, buildings
such as warehouses, workshops, housing facilities (for
workers, technicians, engineers), guesthouses andoffices in
Duqm and Muscat, and etc.

• Capex including Owners Costs and interest during

construction, spares, catalysts, engineering consultancy
fees etc – US$ 2.45 Billion.

• Approximate Internal Rate of Return (IRR) - 21%

Ditto Internal Rate of Return for Project – 15%
• NPV – US$ 850 Million

• Real Payback Period – 7 years

• Operating Margin (average)- US$ 3.7 per barrel

• Average Debt Service Cover Ratio – 2.50

• Refinery Operating Costs (fixed and variable) for an MRC

refinery are some US$ 0.50 to US$ 1.50 per barrel less than
for either complexity factored or hydro-skimming refining
complexes elsewhere in North West European Refining
centers.

• Refinery Operating Costs – US$ 0.85 per barrel

• The MRC refinery introduces an element of mobility in that

the primary upstream process streams could conceivablybe
moved to another location as an alternative to a “complete
shut down” or “mothballing” scenarios in the event of a
business turndown and / or operating problems. This in
effect results in the asset value of the plant being higher as
reflected in the refiner’s balance sheet.

• Accrued IRR’s covering the project, and leveraged financing

are at least 5% higher for a MRC development than for a
grass roots conventional refining complex.

• Debt Service Cover Ratios are higher due to early production

revenue contributing to senior debt servicing streams.
 PRELIMINARY PLANT DESCRIPTION & DATA

1. DEVELOPMENT PROGRAMME

1.1 Period of Construction - Phase 1 (100,000 barrels per day)

➢ Approximately 24 months from Financial Close Date of

Effectiveness.

Period of Construction – Phase 2 (100,000 barrels per day)

➢ Approximately 36 months from Financial Close Date of

Effectiveness

2. EPCCOMM PRICE & INSURANCE

2.1 Estimated Contract Value at Inception -

➢ US$ 2.10 Billion

2.2 DSU/ALOP Sum Insured

➢ US$ To be Agreed

2.3 Indemnity Period

➢ Period to be agreed
 2.4 Public Liability Sum Insured

➢ US$ To be Agreed

3. THE SITE

3.1 The Refinery will be located in EGYPT at asite to be defined

and allocated.

4. PROJECT DESCRIPTION

4.1 General

➢ The specification provides for engineering, procurement,

fabrication and construction of a new green field200,000
bpd refinery. The refinery concept is to provide two
100,000 bpd identical M-SKOR refinery trains via Two
Phases namely Phase II & I.

➢ Phase I: The first 100,000 bpd train or Phase I will consist

of 5 combined Crude/Vacuum Units and one unit for
Unicracking, Unionfining, Naphtha Hydrotreating, CCR
Platforming, Penex, Kero Merox, LPG Merox, LPG
Fractionation, Amine Treating and Regeneration, Sour
Water Stripping, Delayed Coker, Sulfur Recovery and
Hydrogen Plant.

➢ Phase II: The second train or Phase II will be identical to

the second train. In addition to the individual process
units, the facility will also contain a common Power
Generation plant comprising of 3 x 15 megawatt dual
fueled open cycle waste heat recovery units. There will
 be emergency backup supply provided from the grid.
Desalinization plants, Water treatment facilities and Steam
Generation Facilities. The facility will include new marine
works for receiving crude as well as shipment of refined
products.

➢ The combined Crude/Vacuum Units are constructed

from shop-fabricated modules interconnected in the
field. Each unit should be capable of processing 20,000
bpd of Crude.

➢ The remaining units are proven licensed process

technologies. Some of the downstream units such as the
CCR Platforming will be of modular design with the
remaining units being stick built.

4.2 Scope of Works

Definitions and Units

Process Configuration

Phase 1 - 100,000 barrels per day

The following is based on 5 numbers 20,000 barrel per day

processed streams operating in parallel each stream comprising
of:
➢ 10 Crude oil units (20,000 bpd capacity each)
➢ 1 nutcracker based upon a copy cat design of the UOP
nutcracker being used on the MIDOR refinery site in
Alexandria, Egypt.
 ➢ 1 Naphtha Hydrotreater stabilizer splitter
➢ 1 Kerosene merox plant
➢ 1 dethaniser C3/C4 splitter
➢ 1 CCR platforming unit
➢ 1 Penex plant
➢ 1 diesel union fining plant
➢ 1 LPG Merox plant
➢ 1 Gas cleaning plant
➢ 1 Hydrogen plant
➢ 1 Sulfur recovery unit
➢ 1 Delayed Coker

Phase II

Phase II shall comprise of an identical set of equipment. In

addition down stream support facilities will include the
following:

➢ 2 Water treatment plants.

➢ 2 Desalination plants.
➢ 1 Power plant.

A large tank farm will also support each phase of the project
comprising of the following:

➢ 5 x 400.000 barrels crude feed storage tanks

➢ 2 x 220.000 barrels jet kerosene storage tank.
➢ 2 x 225.000 barrels gasoline storage tanks.
➢ 2 x 220.000 barrels diesel storage tanks.
➢ 2 x LPG tanks.

Bunds to protect the storage tanks will be constructed.

Estimated Refinery Yields

The crude supply will have such a crude assay specification (as
attached), which will ensure that the UOP schedule B process
design produces the specified product slate variations as
detailed in Attachment. (Estimated product slate variations)

Site Control & Operating Buildings

➢ A process lab to accommodate the necessary laboratory

equipment for the refinery will have an area size of
approximately 250sq meters.
➢ A control room to house the control console with its
modern display of color graphic monitors and computers
will comprise of a building sized approximately 450 sq
meters.
➢ Offices and operator work stations for the managers and
technicians to accommodate approximately 80 people
and an operator training centre to accommodate
approximately 50 people have facilities for presentations
via projectors and computers.
➢ A further I/O room for the connections from the field to
the control room will accommodate the main computers
for the operations of the facility and this building will be
approximately 500 sq. meters
➢ A maintenance building for this facility of approximately
150 sq. meters will provide workshops, warehousing and
storage for the facility.
 An emergency first aid building will be provided of
approximately 115 sq. meters

➢ A construction campsite and permanent operational

housing for the construction managers and workers for
the facility will be built.

Marine Export, Import Terminal

➢ A complete crude oil & products import & export terminal

will be built with deep water access, turn round, sea
water protection with jetties / berths and topsides etc to
accommodate all scheduled ocean going petroleum
tankers, support boats and other vessels all for the
complete building, operations and maintenance of the
Refinery Complex in its entirety.
FRONT END &EARLY ACTIVITIE SUMMARY

The following constitutes the estimated scope of works as per the Budget
Costs Estimates along with simplified Schedule of Works Program:

1. Project Management Office

o Mobilize Office
o Project Communications & Procedures
o Project Cost Control Systems
o Project QHSE Systems
o Project Design Co-Ordination Procedures
o Full Project Management & Planning.

2. Techno-Economic, Marketing Study & Business Plan

o Agree Terms of Reference
o Appoint Marketing Consultant
o Appoint Process Consultant
o Prepare Techno-Economic Financial Model
o Carry out and prepare Study in draft
o Appoint Bank Approved Independent Consultant to carry out
techno-economic due diligence appraisal, verify & endorse Final
Study

3. Financial & Legal Advisors

o Agree and Issue Terms of Reference for Financial Advisor [FA]
o Agree and Appoint FA
o Agree and Appoint International Firm of Lawyers
o FA to carry out due diligence of Techno-Economic, Marketing
Study & Business Plan for the Project including Financial Model.
o Prepare Project Information Memorandum [PIM]
o Structure Project Financial Security Structure
 o Prepare Draft Asset Reversion Buy-Back
Operating Agreements & Contracts
o Solicit & Arrange shortlist of Financing Banks
o Solicit & Arrange shortlist of Investors
o Comment on suitability on Draft of EPCCOMM including
security provisions.
o Comment on suitability of QPPC’s Draft Site Securement &
Lease Agreements
o Comment on suitability of QPPC’s Government issued License
to Build Refinery.
o Comment on suitability of Off take Agreements
o Comment on suitability of Crude Oil Supply Agreements
o Endorse all main Contracts, Agreements, Insurances provisions
and pro-Formats for purposes of acceptability to project
Financiers, Investors & Banks.
o Prepare all Financing Agreements required and present for
sign- off.
o Prepare and arrange for Principal project Funding Term Sheets
o Arrange and schedule issuance of Financial security Disclosure
o Arrange and Schedule Financial Close
o Recommend and arrange for appointment of
Independent Project Engineering Consultants, Auditors & Fund
Managers.

4. Onshore Site Surveys & Geo-tech Investigations

o Review and collate all existing data and information
o Define Site Boundaries
o Define outer perimeter fence services available to service the
refinery
o Topographical Survey
o Geo-technical survey
o Reports on all surveys and investigations
5. Marine Studies & Surveys
o Collate and review existing data / reports
o Marine Operations Study
o Navigational Analysis
o Wind & Sea State Analysis
o Hydrographic Survey
o Geo-technical Survey Landfall
o Dredging Specifications
o Analyses Dredging Contractors & Vessel Availability
o Prepare Dredging Bid Documents and Specifications

6. Basis of Design [BOD]

o Design Review
o Complete Basis of Design Document
o Preparation of Project Specifications

7. Front End Engineering Design Package [FEED]

o Select Technologists & agree Technology Licenses,

Technology Transfer Agreements, Royalty Agreements etc
o Site Layouts & Plot Plans
o Hazardous Area Classification including Statements
o Complete Process Mass balance
o UOP utility Balance
o Process FEED
o Offsite & Utilities FEED [Electrical, Water & Steam, Tank Farms,
Power Generation, Drainage, De-Sal. Plantsetc]
o Jetty Design & Berthing Configuration including Top Sides and
Metering
o Shore Protection
o Sea water Intakes
 o SCADA, Communications & Instrumentation
o Specifications
o Building & Architectural
o Civil
o Fire & Safety
o Environmental Impact Statement

8. Insurance Broker
o Issue Insurers Terms of Reference
o Appoint Main Insurance Brokers covering both EPCCOMM
Contract and Buy-Back SPC Operating Company
o Solicit Re-Insuring Proposals covering: - CAR, Owners Business
Interruption, Third Party Risks, Transportation & Freight [Ocean,
Land &Transit], P&I, Errors & Omissions, Workman’s
Compensation etc.
o Provision of all Insurance Policies all as required for approval
by the Funders.
 ESTIMATED PRODUCT SLATE
VARIATIONS DUE TO CRUDE OIL
HEAVY-LIGHT RATIO

REFINERY PRODUCT SLATE

80% Heavy - 20% Light

Phase One Percent Phase Two Percent Total bpd Percent
Product Amount bpd Phase Amount bpd Phase
One Two
LPG 7,494 7.26% 7,494 7.26% 14,988 7.26%
Naphtha 0 0.00% 0 0.00% 0 0.00%
Gasoline 26,674 25.83% 26,674 25.83% 53,348 25.83%
Jet/Kerosene 24,556 23.78% 24,556 23.78% 49,112 23.78%
Diesel 37,276 36.10% 37,276 36.10% 74,552 36.10%
Gas Oil 0 0.00% 0 0.00% 0 0.00%
Resid./Fuel Oil 0 0.00% 0 0.00% 0 0.00%
Coke 6,425 6.22% 6,425 6.22% 12,850 6.22%
Sulphur 827 0.80% 827 0.80% 1,654 0.80%
TOTAL 103,252 100.00% 103,252 100.00% 206,504 100.00%
 REFINERY PRODUCT SLATE

50/50 Light & Heavy

Phase One Percent Phase Two Percent Total bpd Percent
Product Amount bpd Phase Amount bpd Phase
LPG 6,617 6.42% 6,617 6.42% 13,234 6.42%
Naphtha 0 0.00% 0 0.00% 0 0.00%
Gasoline 27,854 27.02% 27,854 27.02% 55,708 27.02%
Jet/Kerosene 25,112 24.36% 25,112 24.36% 50,224 24.36%
Diesel 37,523 36.40% 37,523 36.40% 75,046 36.40%
Gas Oil 0 0.00% 0 0.00% 0 0.00%
Resid./Fuel Oil 0 0.00% 0 0.00% 0 0.00%
Coke 5,192 5.04% 5,192 5.04% 10,384 5.04%
Sulphur 785 0.76% 785 0.76% 1,570 0.76%
TOTAL 103,083 100.00% 103,083 100.00% 206,166 100.00%
 REFINERY PRODUCT SLATE

100% Light
Product Phase One Percent Phase Two Percent Total bpd Percent
Amount bpd Phase Amount bpd Phase

LPG 5,857 6% 5,857 6% 11,714 6%

Naphtha 0 0% 0 0% 0 0%
Gasoline 30,181 29% 30,181 29% 60,362 29%
Jet/Kerosene 26,221 25% 26,221 25% 52,442 25%
Diesel 37,614 36% 37,614 36% 75,228 36%
Gas Oil 0 0% 0 0% 0 0%
Resid./Fuel Oil 0 0% 0 0% 0 0%
Coke 3,553 3% 3,553 3% 7,106 3%
Sulphur 710 1% 710 1% 1,420 1%
TOTAL 104,136 100% 104,136 100.00% 208,272 100.00%