Refining, transportation & marketing (rtc), and petrochemicals
1. Refining, Transportation & Marketing
(RTM), and Petrochemicals
Paulo Roberto Costa
Downstream Director
26th October, 2011
1
2. DISCLAIMER
This presentation may contain forward-looking Cautionary statement for U.S. investors:
statements. Such statements reflect only the
expectations of the Company's management The United States Securities and Exchange
regarding the future conditions of the economy, Commission permits oil and gas companies,
the industry, the performance and financial in their filings with the SEC, to disclose
results of the Company, among other factors. proved reserves that a company has
Such terms as "anticipate", "believe", "expect", demonstrated by actual production or
"forecast", "intend", "plan", "project", "seek", conclusive formation tests to be economically
"should", along with similar expressions, are and legally viable under existing economic
used to identify such statements. These and operating conditions. We use certain
predictions evidently involve risks and terms in this presentation, such as
uncertainties, whether foreseen or not by the discoveries, that the SEC’s guidelines strictly
Company. Consequently, these statements do prohibit us from including in filings with the
not represent assurance of future results of the SEC.
Company. Therefore, the Company's future
results of operations may differ from current
expectations, and readers must not base their
expectations solely on the information presented
herein. The Company is not obliged to update
the presentation and forward-looking statements
in light of new information or future
developments. Amounts informed for the year
2011 and upcoming years are either estimates
or targets.
2
3. BUSINESS MODEL
Operating as an integrated balanced oil company, dominant in Brazil
Exploration & Production
• Focus on production in deep and ultra-deep waters;
• Licensed blocks guarantee access to reserves and economies of scale;
• New exploratory frontier, adjacent to existing operations.
Downstream
• Dominant position in a growing market, far from other refining
centers;
•Balance and integration between production, refining and demand.
Gas and Power
• Gas infrastructure develeped for processand and transfer of gas;
• Complete flexibility to consume domestic and imported gas.
Biofuels
• High productivitiy of Brazilian ethanol;
• Large areas of available unused agricultural land;
• Large consumer market, with fleet and distribution in place.
3
4. RESERVES AND RECOVERABLE VOLUMES
Rapid growth in reserves from discoveries in deep waters
Proved Reserves – SPE criteria
Million boe
30.000
25.000
20.000 Pre-salt: Lula
and Cernambi 15,28 Bi boe
15.000 Whales Park,
Mexilhão
Roncador
10.000
Marlim
5.000 Namorado
Guaricema Garoupa
Carmópolis
0
Onshore 0-300 m 300-1500 m > 1500 m Pre-salt's Recoverable Volume * Transfer of Rights
* Lula/Cernambi, Iara, Guará and Whales Park, ranging from 8.1 to 9.6 Billion boe 4
5. PRODUCTION
Petrobras history is to grow production by expanding into new frontiers
2.004
2000 8,2% p.y. in the last 30 years
Deep and ultra-deep water
1600 Shallow Water
Onshore
1.271
1200 1.601
653 749
Mil bpd
800
42
400 181 400 292 189
75 211 230 214
0 106
1980 1990 2000 2010
• 123 offshore units (45 floating e 78 fixed)
• 25 new units installed in the last 5 years
P-56
FPSO Cidade de Angra dos Reis P-57
FPSO Cidade de Santos
5
6. PRODUCTION
With access to abundant reserves, Petrobras can more than double production
6,418
142
246
1.120
3,993
125
180 + 35 Systems
2,575 2,772 618
2,386 2,516 +10 Post-Salt Projects
93 96
96 141 +8 Pre-Salt Projects 4,910
99 144
’000 boe/day
111 132 435
317 334 +1 Transfer of Rights
321
3,070 845
Transfer of Rights
Added Capacity
1.855 1.971 2.004 2.100 13
Oil: 2,300,000 bpd Pre-Salt 1,148
543
2008 2009 2010 2011 2015 2020
Oil Production- Brazil Natural Gas Production - Brazil Oil Production - International Natural Gas Production - International
• Pre-salt and Transfer of Rights will represent 69% of the additional capacity up to 2020;
• Pre-Salt participation in the total production will enhance from the current 2% to 18% in 2015 and 40.5% in
2020.
Note: Does not include Non-Consolidated International Production.
6
7. MONETIZING THE RESERVES
Brazilian market is an attractive and sustainable way to monetize part of Petrobras
reserves
Growth
A GROWING MARKET IN BRAZIL CREATES DOWNSTREAM
OPPORTUNITIES…
OPPORTUNITIES…
27.1
Petroleum Consumption
25.0 (per capita)
21.7
16.0
15.3
14.8
12.6 12.4
10.7
4.5 4.6
3.7
2.3
1.4
0.6 0.8 1.0
0.3
US Japan OECD
OECD1 Brazil China India
1980 2000 2009
Source: BP Statistical Review
Note:
1. Includes France, Germany, Italy and the UK
18
Margins and
Refining Profile
Allocation
Distance PRODUCTS
Sustainable
New refineries will produce higher value-added oil products
Productivity of existing refineries – 2020 Productivity of new refineries – 2020
65%
Competitive 43%
38%
36%
21% 21%
50%
19%
Advantage
4% 15%
10% 4%
9%
7% 15% 15% 11%
• Lead-Times 5% 6% 4%
• Tanks
Medium Distillated Light Others Medium Distillated Light Others
• Inventories
• Ships Diesel Gasoline Naphtha Fuel Oil
Jet Fuel LPG Special Intermediary
• Increase in global demand for medium-distillated products tends to lead to an increase in price versus the
Crude freight gasoline price.
Product freight 8
40
Return and Risks
Downstream profitability…
Downstream Net Profit Margin (%)
Adjusted EBITDA Breakdown per Segment (US$ bn) 1
Competitors Range
7 1 0.2
PBR 1.4
6
1.1
5 1 0.9
1 0.5
0.8 1.1
4
5.2
3
11.0
2 1
1
0 35.4
-1
25.0
-2 6
19.3
-3
06 07 08 09 10
Source: Reuters Knowledge TO COME
Net Profit Margin = Net Profit / Total Revenue -0.8 -1.6
Competitors: XOM (US), XOM (non-US), CVX, RDS, COP -0.2
2007 2008 2009 1S09 1S10
E&P Downstream Distribuition G&E International
50
7
9. During recent years, the Demand growth in Brazil has increased
its’ speed when compared with GDP growth …
GDP and Demand growth rates (yearly) 11-20 GDP Forecast
11-20 Demand Forecast
12
Historical Demand
10 Historical GDP
8
6 5,5
4,1
4
2 3,8 4,5
0
Lower Higher
-2 GDP GDP
-4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
Percentage points (p.p.) of Demand growth above GDP growth
4 Forecast
2 Historical p.p. difference Historical average p.p. difference
0
-2 -0,3 -1,0
-4 Lower Higher
GDP GDP
-6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* 9
10. JET FUEL MARKET
A sharp growth in the air transportation industry has been observed in recent years
Number of passengers carried - air
transportation (thousand) Seats / Km available
10.000 13.000
9.000 12.000
+12%a.a.
8.000 11.000
+12%a.a.
10.000
7.000
9.000
6.000
8.000
5.000 7.000
4.000 6.000
jan 07 jan 08 jan 09 jan 10 jan 11 jan 12 jan 07 jan 08 jan 09 jan 10 jan 11 jan 12
In 2010, for the first time in our history, the number of travels interstate by
plane exceeded the travels by bus
Source: ANAC 10
11. AIR TRANSPORTATION
The significant reduction in the airline tickets prices associated with the expansion
of income in Brazil led to an accelerated growth in the sector
Yield Revenue R$ (deflated by IPCA)
Economic indicator that expresses the unit revenue earned by
airlines per each paying passenger per kilometer in Brazil
1,1 R$ 2011
1,0
0,9
0,8
0,7
-62%
0,6
0,5
0,4
0,3
0,2
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: ANAC http://www2.anac.gov.br/estatistica/tarifasaereas/
11
12. CONCENTRATED TRANSPORT MATRIX
The Brazilian transportation matrix strongly depends on trucks
Russia 81% 8% 11%
Canada 46% 43% 11%
Australia 43% 53% 4%
USA 43% 32% 25%
China 37% 50% 13%
Brazil 25% 58% 17%
Average Trucks Fleet Age (y)
Trains Trucks Maritime and Others
Brazil
Spain
USA
Germany
England
Sources: Plano Nacional de Logística e Transportes 2010 (PNLT), Ministério dos Transportes,
Anuário do transporte de carga and Eurostat - 2007
12
13. DIESEL DEMAND
The diesel demand has also increased sharply
... not only based on recovery of the industrial ... but also due to agricultural activity growth in
activity, ... Brazil over time
Index - Industrial Output
145 180
140 170
+52%
135 160
132
130 150
125 140
120 130
115 120
110 110 GDP
105 100 Agriculture GDP
104
100 90
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
jan 2008 jan 2009 jan 2010 jan 2011
The cargo transportation matrix in Brazil is highly dependent upon trucks, with
the growth in economic activity boosting diesel demand.
13
14. MIDDLE DISTILLATE DEMAND EVOLUTION
Strong diesel and jet fuel consumption growth in Brazil have been observed following
the economic growth…
Diesel Sales (2006 to 2011/jun)
4,1% 8,7%
+9%
5,5%
Jan-Jun 10 Jan-Jun 11
• The 1S2011 sales exceeded
expected growth, keeping a faster-
2006 2007 2008 2009 2010 Jan-Jun 11
than-GDP growth.
Jet Sales (2006 to 2011/jun)
13,4%
+17%
9,7%
Jan-Jun 10 Jan-Jun 11
• The same higher-than-GDP
acceleration was verified during
first semester 2011.
2006 2007 2008 2009 2010 Jan-Jun 11
14
15. HIGH GROWTH POTENTIAL
Low per capita consumption supports demand growth in developing countries
Total Oil Consumption Per capita consumption
(Index =100 in 2002) Barrels per year
27,1
130 25,0 1980
125 2000
22,3
2010
120
115 16,0 15,3
14,8
110 12,8 12,4
105 9,9
100
4,5 4,9
95 3,7
1,4 2,5
90 0,6
2002 2003 2004 2005 2006 2007 2008 2009 2010
OECD
US Brazil World OEDC
Source: BP Statistical Review 2011
15
16. POTENTIAL INCREASE OF OIL PRODUCTS CONSUMPTION
Brazil still has a low motorization rate
Licenses for new vehicles
17,4 18,0 2000
2010
11,8
Million of units
2015
6,0
5,0 4,0
3,7 3,2 3,5 3,0
2,6 2,7 2,7 2,2 2,1 1,5 0,8
United States Japan Germany France Italy China Brazil India
Number of vehicles per 1000 habitants
814
688 2010
592 545 599 2015
208
153
47 16
United States Japan Germany France Italy China Brazil India
16
17. GROWTH DEMAND
Economic growth and improved living standards will lead to a significant increase in oil
products demand in Brazil
Others
Fuel oil
(GDP: 4,1% p.y.)
Gasoline
+3,8%
Middle destilates
p.y.
3.095
2.643
928
2.147
792
1.814 128
1.776
696 124 567
Thousand bpd
602 593 507
98
189 108 402
315 314
1.472
1.219
951
708 761
2000 2005 2010 2015 2020
Sourse: Petrobras (Plano Estratégico 2020)
17
18. DOWNSTREAM EXPANSION
Reduced dependence on imports of oil products
Increase in import levels will lead to higher ... and to high levels of exposure to
’000 bpd logistical costs... international supply
Net Imports as a percentage of total demand (%)*
2006 2007 2008 2009 2010 2011E
USA
Brazil (2010)
France
Germany
China
Japan
Spain
Mexico
Indonesia
Brazil (2020)**
* Source: IEA – 2010 World Energy Statistics
** Without considering Capacity Expansion
18
19. REGIONAL GROWTH
In the last decade the growth has been and will be higher in the North, Northeast and
Mid-west regions of Brazil
Demand 2001-2010 Demand 2010-2015
763
3,1%
4,9% 968
763
579
1,4% 1.384 3,9%
1.675
1.384
1.224
19
20. … increasing the need for new capacities in these regions
Market in 2010 Market in 2015
299 552 968
763
-464 -416
Capacity Demand Deficit Capacity Demand Deficit
1.652 1.675
1.466
1.384
82
-23
Capacity Demand Superavit Capacity Demand Deficit
• Increase in demand in the Central-West, Northeast, and North explains the concentration of investments in the
Northeast;
• Tax incentives combined with environmental restrictions also contribute to the concentration in the region.
20
21. INTEGRATION AND BALANCE
Construction of new refineries intended to meet Brazilian demand
Thous bpd PREMIUM I
(2nd phase) 4,910
5000 300,000 bpd
(2019)
4000 COMPERJ
(2nd phase)
165,000 bpd 3,327
3,070 3,217
(2018)
3000 2,643 3,095
COMPERJ PREMIUM II
2,147 (1st phase) 2,2052,536
2,004 300,000 bpd
1,814 1,798 165,000 bpd (2017)
2000 1,641 (2013)
1,393
1,323
1,036
Abreu e Lima PREMIUM I
1000 Refinery (RNE) (1st phase)
230,000 bpd 300,000 bpd
181 (2012) (2016)
0
... ... ... ...
1980 2000 2010 2015 2020
Oil and NGL Production - Brazil Total crude oil processed – Brazil Oil Products Market (2 scenarios)
• No new refineries built since 1980
• Demand now exceeds refining capacity, with demand growing 20% last two years and growing
21
23. REFINING MARGINS
Conservative assumptions compared to historical data and consultants’ forecast
Crack 321* and 2011 - 2020 average forecast Light-Heavy* and 2011 - 2020 average forecast
(US$/bbl) (US$/bbl)
Consultants Range Consultants Range
50 PBR Range 50 80 PBR Range
45 45 70
40
60
35
30 50
25 40
20 30 Avg
27
15
Avg 20
10,6 10
5 10
0 0
jan 06 jan 07 jan 08 jan 09 jan 10 jan 11 jan 12
* (Unleaded USG*2 + N2 Diesel USG)/3 - Brent * (Unleaded USG + N2 Diesel USG)/2 – Fuel Oil 3% USG
The forecasts indicate an average Crack 321 Spread of US$ 8,5/ bbl and an
average Light-Heavy differential of US$ 21,8 / bbl between 2011-2020.
Consultants’ forecasts include: Cera (3 Scenarios), Pira (3 Scenarios) and Woodmackenzie 23
24. REFINING MARGINS
Margins can have large amplitude according to the type of processed oil and product
yields
$/bbl (US$ of 2010)
PBR Downstream Margin USG LLS Cracking
NWE Brent Topping USG Maya Coking
30 NWE Brent Cracking
25
20 19
-8
15
11
10
+6
6
5
0
USG LLS PBR USG
Cracking Downstream Maya
-5 Margin Coking
2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Margens internacionais - PIRA 24
25. PETROBRAS X MAYA COKING
Comparison shows that the effect of the different oil processed and the average
produtivity explain the deviation of our margins in relation to Maya Coking
Petrobras vs. Maya Coking (average 2002-2010)
19 US$/bbl 2010
3
5
11
Maya Coking Raw material Produtivity Petrobras
Margin cost effect effect Margin
25
26. CONVERSION
New refineries will have significant higher conversion than existing refineries , allowing
less costs of raw material
Convertion Capacity/ Destilation Capacity
Average Cost of Oil (2020)
70 Coker 68% (US$/bbl)
65% 64%
FCC
60 -5,8
HCC
50 31% 26%
-2,3
40 37%
10% 65%
30
20 38%
36%
27%
10 Brent Existent PREMIUM
0 Refineries
Existing RNE COMPERJ PREMIUM
Refineries
(2010)
26
27. PRODUCTS
New refineries will produce higher value-added oil products
Productivity of existing refineries – 2020 Productivity of new refineries – 2020
65%
43%
50%
36%
38% 21% 21% 19%
4% 15%
10% 4%
9%
7% 15% 15% 11%
5% 6% 4%
Medium Distillated Light Others Medium Distillated Light Others
Diesel Gasoline Naphtha Fuel Oil
Jet Fuel LPG Special Intermediary
• Increase in global demand for medium-distillated products tends to lead to an increase in price versus the
gasoline price.
27
28. PRICES OF DISTILLATES
In recent years, we have been approximating to the import parity
Distillates had a prize in the last 8 years of US$/bbl in relation to the U.S. Gulf prices,
similar to cost freight + internalization
US$/bbl (actual value)
8,0 8,0
90,0 93,9
Average 2002-2010
88,1
87,3
85,8
82,0
USGC US PBR USGC US PBR
Diesel Jet Fuel
… and these are the products that the new refineries will be
focus
28
29. RESOURCE OPTIMIZATION AT PREMIUM REFINERIES
Economies of scale and new implementation Lower refining costs due to design
strategies to reduce Capex, including: quality and scale
• Design competition based on the lowest final cost Current downstream cost
(US$ / bbl in 2010)
• Selection of UOP - international company with extensive
refining experience Age (years)
• Single design integrating all the refinery on-site and off-site
• Designer involved from conceptual design to technical
assistance in the start up
• Scale economies (RPRE: 300kbpd modules)
• Maximum standardization of equipments specification
• Scheduling the construction stage allowing long-term planning
for equipment suppliers
• Reuse of the executive project allowing the incorporation of
lessons learned Scale (’000 bpd)
29
30. FACTORS THAT WILL IMPACT THE COST OF THE PREMIUM REFINERIES
Project under development already allows us to evaluate some optimizations
RPRE
Scope Optimized RNEST (projetct under development - Expected Effects
preliminary data)
Middle Distillate weight/capacity: 80% less
6 reactors 1 reactor
Hydrotreatment Unit Less Interconnections
Middle Distillate weight/capacity: 60% less
2 fired heaters 1 fired heater
Hydrotreatment Unit Less Interconnections
Less: interconnection / platforms
Coker Unit 6 coke drums 4 coke drums of access / instruments / valves
etc.
58 tanks 70 tanks Scale economy, less
Tank farm
for 230 kbpd for 600 kbpd interconnection
83 bridges:
Elimination of the bridges and
Pipelines 20 of 96m (average) Pipe-rack
increased productivity
63 of 18m (average)
Cable-rack Less excavation, less impact on
Electric System
Underground structure rainfall in the construction, less
Interconnection (above grade) volume of concrete
30
30
32. LOGISTICS
Distance from the Brazilian coast to refining centers is at least 5.000 miles, or 16 to 33
days of travel
Distance in miles / days of travel
5.400
16 days
5.500
16 days
8.000 11.200
24 days 33 days
Processing in Brazil implies:
• Lower Lead-Times
• Reduced Tankage needs
• Lower Inventories
• Reduced need for ships
Crude
32
33. LOGISTICS
These distances have relevant freight costs to reach the different markets
Freight cost ($/bbl)
2,8
4,9 5,4
2,8
7,7
4,1
Processing in Brazil implies:
• Lower Lead-Times
• Reduced Tankage needs
• Lower Inventories
Crude • Reduced need for ships
Products 33
34. GLOBAL REFINING
Regions with fast growth continue to invest in refining
Adding Refining Capacity (2011-2016)
3.204
New Refineries
Thousand bpd
Expansion
1.997
1.755
736 703
437
153
Asia Middle East North Latin Europe Ex URSS Africa
America America
• Small refineries and with low complexity being closed in stagnant markets
• New large-scale refineries, high complexity, adapted to process heavy oil in growing markets
Source: Pira, Petrobras, 2011
34
36. Profitability
New refining projects have return rate above the cost of capital
Return rate (%)
18
Key Assumptions:
16
• Refinery with trains of 300 k bpd
14
• Refining scheme with HCC, Coque and
12 HDT
10 •Refining costs in line with the current
refineries that has the same scale
8 • Integrated Analysis
6 • Production for the domestic market
4 • Does not include tax benefits in the
operation of the asset
2
0
13 14 15 16 17 18 19 20 21 22 23 Margin
Case 1 – Capex US$ 30.000/bpd US$/bbl
Case 2 – Capex US$ 40.000/bpd Expected Scenario
Case 3 - Capex US$ 50.000/bpd
36
37. RISK MITIGATION
The expansion of refining also allows us to mitigate risks from upstream, as in 2009,
beyond the benefit of the integration
Adjusted EBITDA by Segment (US$ bi)
48
2
1
40 2
35 1
2
1 0 33 1
2
1 1 4
1
11
41
35
31
19
-2 0
2008 2009 2010 2011*
International Downstream
Distribution E&P
G&E
Note: (*) Calculated by the average exchange rates and considering the 12 months ended 30/06/11 37
38. BUSINESS INTEGRATION
Petrobras will increase the importance in the industry through growing the oil
production and expanding the Downstream
Oil Production
6
2020
5
4
3
2010
2
1
1980
0
0 1 2 3 4 5 6
Refining Capacity
For other companies, capacity in 2010. 38
39. SUPPORTTING UPSTREAM OPERATIONS
This integrated performance can be verified in Capex of "downstream" dedicated to
support upstream operations
Capex for Fleet Expansion Capex for Logistics for Oil
US$ 4,4 billion US$ 3,5 billion
Pre-Salt Plangás
Projects
Others 21%
30%
51%
70% 28%
Supply
Oil
39
40. FLEXIBILITY
The existence of a flexible domestic refining capacity mitigates the risk of
fluctuations in the demand
SALES PRODUCTION
k bpd 1.873 1.985
1.786 +5% +7%
Oil Products
1H10 1H11 1H10 1H11
SALES PRODUCTION SALES PRODUCTION
+9% +6% +16% +14%
812 734 413 392
747 692 357 343
Gasoline
Diesel
1H10 1H11 1H10 1H11 1H10 1H11 1H10 1H11
(*) Vendas do Abastecimento, não incluem as eliminações com a BR 40
42. NEW REFINERIES, FUEL QUALITY AND MODERNIZATION SUM UP TO 74% OF RTM
INVESTMENTS
US$70.6 billion
• Refining Capacity Expansion: Abreu e Lima
4.5%
4.9%
1.0%
1.1% Refinery, Premium I and II, and Comperj;
0.8%
15.2%
• Quality and Conversion: Modernization,
13.9% conversion, and hydrodesulfurization;
• Operating improvement: maintenance and
optimization, HSEE, and R&D;
26.4%
23.9%
• Fleet Expansion
• Logistics for Oil: oil supply for refineries and
infrastructure for oil exports.
Refining Capacity Expansion
Quality and Conversion
Operating improvement
Fleet Expansion
Logistics for Oil Petrochemical Investments amount to US$3.8 billion
International
42
44. QUALITY INVESTMENTS
New units in existing refineries are being built
Gasoline Quality Diesel Quality:
2015 and
2011 2012 2013 2014 2015 2011 2012 2013 2014
beyond
1000
Trnasition 50 ppm Diesel S-1800
ppm
Diesel S-500
REDUC RECAP REPLAN
Gasoline Diesel and Gasoline
Gasoline Diesel S-50
REFAP
Gasoline REPAR
Diesel S-10
Gasoline
REVAP
Gasoline RECAP REGAP REFAP REDUC
REPAR
Diesel and Diesel Diesel Diesel
REGAP Diesel
Gasoline
Gasoline
RLAM REPLAN RPBC
RPBC Diesel Diesel Diesel
Gasoline
REGAP
RLAM Revamp
Gasoline HDT
… reassuring Petrobras’ commitment with sustainability and sulfur
emission reduction over time.
44
45. HYDROREFINING INVESTMENTS
Catch up phase to meet international standards for quality products
Hydrorefining Capacity
relative to Distillation Capacity
100 95%
86%
80 74% (2020)
67% 70% 69% 70%
15% 59% (2015)
60
40 36%
23% (current)
20
23%
0
Adding value to domestic crude oil by producing diesel and gasoline in-line with international standards.
Underinvested over the past years requires catching up with hydrorefining capacity (for removal of sulfur)
45
46. PETROCHEMICAL STRATEGY
PETROCHEMICAL AREA
Operate in the petrochemical sector in activities that are integrated manner
with the other businesses of the Petrobras system
Increase petrochemicals and biopolymers production preferably through capital stock in Brazil
and abroad
• Operate in an integrated manner with the other business of Petrobras, in the
production of basic and second-generation petrochemicals and biopolymers;
• Focus on developing assets in Brazil;
• Develop COMPERJ seeking partnerships;
46
47. FINAL REMARKS
Adding value in Refining, Transportation and Marketing (RTC) and Petrochemicals
Preserving our unique position in the Brazilian market as the best way to monetize
our crude reserves
Shifting the refining system towards middle distillates production while increasing
fuel quality standards
Reducing import levels through refining capacity expansion and domestic crude
processing maximization
Optimizing capital allocation through new refining modules concept and
implementation strategy
Creating efficient and reliable infrastructure to get the best value of crude oil
export operations
Mitigate risks and use the flexibilities in the existing refining facilities to optimize
the product portfolio
47
