REFINERY UPDATE

May 2007

TABLE OF CONTENTS

INDUSTRY ANALYSIS

   1. AMERICAS

    U.S.

• Holly Energy Says Utah Refinery at Reduced Rates after Fire

• U.S. Refinery Breakdowns on the Rise

• Graham Corp. Wins $5 Million Refinery Contract

• Jacobs Gets 2 Deals with BP Products

• Energy Efficiency Helps ConocoPhillips’ Montana  Refinery Earn EPA Honor

• Judge Temporarily Blocks Western Refining's $1.3 Billion Giant Acquisition

• Toxic Refinery Releases On Rise In Bay Area

• Contra Costa County Gets Mixed Reviews over Rodeo Refinery's Expansion Plan

• Compressor Loss Causes Flare-up at Chevron Refinery

• West Texas Refinery Back In Operation after Fire

• Total Fined $2.9 Million for Texas Refinery Pollution

• DEQ Planning to Cite ConocoPhillips’ Montana Refinery over Plume

• Valero Energy to Sell Lima Refinery to Husky Energy for $1.9 Billion

    BRAZIL

• Skanska Gets $109 Million Contract for Propane Plant in Brazil

• Mittal`s 49 Percent Bathinda Stake Violates Contract with ONGC

• Brazil Refinery to get $109 Million Propane Production Unit

    CANADA

• Flint Energy Services Signs $1 Billion Asset Management Services Contract with Suncor Energy

• Suncor Energy Begins Planned Maintenance at Sarnia Refinery

    COLUMBIA

• Switzerland's Glencore to Invest $2 Billion in Colombian Oil Refinery Upgrade

    CUBA

• Compressor Loss Causes Flare-up at Chevron Refinery

   2. ASIA

    CHINA

• Foster Wheeler Wins Coker Heater Contract for New COPC Refinery in China

• China Boom Promotes Trade and investment with Arab Countries

    INDIA

• Reliance Places Order with Sandvik for Jamnagar Refinery Complex

• Mittal`s 49 Percent Bathinda Stake Violates Contract with ONGC

• ONGC to Raise $1.65 Billion for Refinery Expansion

• Reliance Petro Spends $4.6 Billion on Refinery

    MALAYSIA

• Malaysia Plans 320km Pipeline and 200,000 Bpd Refinery Project

    PAKISTAN

• Kuwait to Welcome Midrock’s $2 Billion Investment in Lube Refinery, Naptha Cracker Projects

    PHILIPPINES

• Russia Considers Building Oil Refinery, Storage in Philippines

    VIETNAM

• Prime Minister Demands Dung Quat Oil Refinery Construction get back on Track

• Oil Refinery Part of $35 Billion worth of Big Projects to be Initiated in Vietnam

   3. EUROPE / AFRICA / MIDDLE EAST

    ICELAND

• 150,000 Bpd Refinery could be Built in Iceland’s Westfjords

    GERMANY

• Jacobs Announces Refinery Revamp in Bavaria

    IRELAND

• Irish EPA Hears Objections to its Proposed Decision on Gas Refinery in Mayo

• Statoil Plans Heighten Concern over Ireland’s Controversial Corrib Pipeline and Bellanaboy Refinery

    NORWAY

• Statoil Announces $166 Million Environmental Upgrades for Mongstad Refinery

    SLOVENIA

• Slovenia’s Government Looking for Investor to Rekindle Nafta Lendava Refinery

    SPAIN

• Spain’s CEPSA Claims it never Went above Emission Limits

    SPAIN / HOLLAND

• Double Contract Success for Peter Brotherhood in Spain and Holland

    UNITED KINGDOM

• Jacobs Announces Refinery Revamp in Bavaria

    NIGERIA

• $660 Million Refinery in Anambra, Nigeria to Reduce Fuel Scarcity

    TUNISIA

• Qatar Plans 120,000 to 130,000 bpd Oil Refinery in Tunisia

    IRAQ

• Iraq Awards $63.5 Million Refinery Deals

    KUWAIT

• GE Trans Supplies Generator Sets for Kuwaiti Oil Facility

    MIDDLE EAST

• Spiraling Costs to Stunt Middle East Refinery Growth

    SAUDI ARABIA

• South Korea Could Build $12 Billion KSA Refinery

    SYRIA / TUNISIA

• Syria and Tunisia to Enhance Cooperation in Oil and Industry

    UNITED ARAB EMIRATES

• UAE Hopes to Sell Mothballed Refinery within Weeks

 The above Table of Contents is excerpted from the May Refineries Update which is part of the World Market for Your Products and is also included in most other McIlvaine market reports.