Refineries UPDATE

November 2011

TABLE OF CONTENTS

INDUSTRY ANALYSIS

AMERICAS

U.S.

PBF Announces Restart of Delaware City Refinery after $450 Mln in Upgrades

NPRA Announces Name Change for January 2012

Calumet Completes Acquisition of Superior Refinery and Boosts Throughput Capacity by 50 Percent

Technip Wins ExxonMobil Contract to Build Base Oil Plant at Baytown Complex

Valero Plans Overhauls at Refineries in L.A., Houston, Louisiana and Tennessee

PBF’s Delaware Refinery Leak Causing Chemical Emissions Fixed

CANADA

Fluor Wins Alberta’s Redwater Bitumen Refinery FEED Contract

CUBA / NICARAGUA

Ramirez Confirms Petrocaribe's 150,000 bpd Refinery Plans

MEXICO

Mexico's Pemex Plans Salamanca Refinery Upgrade in 2012

BRAZIL

China Development Bank Backs PdVSA Loan for $15 Bln Abreu e Lima Refinery

ASIA

INDIA

Essar Energy Completes Vadinar Shutdown to Begin $1.85 Bln Upgrade and Expansion

SINGAPORE

Order Flows to Contractors Expected from Blaze at Shell’s Bukom Refinery

EUROPE / AFRICA / MIDDLE EAST

BOSNIA

Bosnia Refinery Phase 1 Reconstruction Ends

FINLAND

Metso to Supply Automation, Safety Systems for Finland’s Neste Refineries

FRANCE

Petroplus will Include Shutdown to Reconfigure Petit Couronne Refinery

FRANCE / BELGIUM

Total Will Realign Downstream and Chemicals Operations

TURKEY

SOCAR to Lay Foundation of Turkey’s Petkim Oil Refinery with Expected Costs of $4.5-$5 Bln

SOUTH AFRICA

Sapref Plans Restart of Durban Refinery Gasoline Unit by November 6

UGANDA

Uganda Hopes Estimated $4.62 Bln Hoima Refinery will End East African Downstream Monopoly

RUSSIA

Bashneft to Invest $1.2 Bln in Refining and Petrochemicals

KAZAKSTAN

Kazakhstan to Begin Construction of Three Mini Oil Refineries by 2012

MIDDLE EAST

Gulf States Plan $250 Bln in Downstream Oil Sector Projects

IRAQ

Axens to Supply Process Tech for New Iraq Refinery

KUWAIT

Kuwait-Sino $9 Bln Petrochemical Complex Contract Signing Projected to 2012

OMAN

Oman Could Spend up to $1.5 Bln to Increase Sohar Refinery Capacity

SAUDI ARABIA

Saudi Aramco Will Raise Domestic Refining Output Capacity with New Start-up Plants

UNITED ARAB EMIRATES

Abu Dhabi's IPIC May Spend $6.5 Bln on New Oman, UAE Refineries