Refineries UPDATE

December 2011

TABLE OF CONTENTS

INDUSTRY ANALYSIS

AMERICAS

U.S.

N.D. Tribes Seeking Proposals for 15,000-Barrel per Stream Day Refinery

BP Agrees to $50 Mln Texas City Refinery Fine

EPA Proposes Significant Changes to MRR and BAMMs

Keystone XL Delay Causing Concern among Big Oil, Benefiting Small Refiners

Use of Fraudulent Renewable-Fuel Credits Investigated by EPA

EPA will Delay Carbon Limits on Oil Refineries

North Dakota’s Bakken Shale to Get First New U.S. Oil Refinery in 35 Years

HollyFrontier Awards SAIC $38 Mln Contract for Tulsa Refinery Upgrades

Sunoco Confirms Former Eagle Point Refinery Assets for Sale

BRAZIL

Petrobras Plans Four New Refineries to Increase Capacity by 1.3 Mln bpd

ASIA

INDIA

HPCL-Mittal $3.78 Bln Refinery Could Undergo Commissioning in January

JAPAN

Petrobras Seeks Partnership for Okinawa Refinery through Japanese Subsidiary

VIETNAM

Delay to New $7.5 Bln Nghi Son Refinery Latest Downstream Setback for Vietnam

EUROPE / AFRICA / MIDDLE EAST

CZECH REPUBLIC

PKN Orlen Subsidiary UniPetro Considers Czech Refinery Closure

FINLAND

Neste Oil to Recover VOC Emissions at Its Porvoo Refinery Harbor

POLAND

Poland Extends Deadline for Lotos Refinery Stake Bid

ROMANIA

Rompetrol Installs New Units for Petromidia Refinery Modernization Project

SOUTH AFRICA

Despite Reports Engen Will Not Close Durban Refinery

South Africa to Audit Refineries due to Increasing Unplanned Shutdowns

IRAQ

Japan to Lend $55 Mln to Iraq for Basra Refinery Upgrade