ERGMed Coastal. Refining
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1 ERGMed Coastal Refining 11
2 Refining Industry Trend: Capacity World total oil products demand and crude runs increasing, faster than refining capacity. World Source: International Energy Agency (IEA), Oil and Gas Journal, and Goldman Sachs Commodity Research. 12
3 Mbd Refining Industry Secular Trend: Processing Global Refining Capacity Global Refining Capacity Capacity utilisation Capacity utilisation World Oil Demand Projected capacity utilisation, except for the FSU, is well above 95%. Data Source: EMC and ERG estimates 13
4 Refining Industry Trend: Demand Mid-distillate demand increasing strongly in Europe and USA. Gasoline consumption declining in Europe but rising strongly in USA. Fuel oil continuing to decline. % Chang e vs Western Europe Product Demand Gasoline Diesel Fuel Oil % Change vs US Product Demand Gasoline Diesel Fuel Oil
5 USD/bbl Med Crack Spreads vs Urals Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Gasoline Gasoil EN590 Jet LSFO HSFO Product demand barrel lightening drives widening light-heavy product spreads Data Source: EMC and ERG estimates 15
6 Refining Industry Trend: Crude Oil More heavy, high sulphur crude reserves than lighter crude reserves in the world. Spread between Ural (heavy crude) and Brent (light crude) on an upward trend: 3,8 3,6 3,4 3,2 2,8 3 2,6 2,4 2,2 2 1,8 1,6 1,4 1,2 0,8 1 0,6 0,4 0,2 0 Brent FOB/Ural CIF price differential ($/bbl) ERG processes >80% heavy, high sulphur crudes. 16
7 Refining ERG's gross refining margin ($/bbl) 5,5 5 4,5 4 3,5 3 2,5 2 1,5 1 0, $/bbl /bbl 17
8 ERGMed - ERG s new refinery supersite ERG ENI ERG Refinery 220 kbd 72% 28% Agip Priolo Refinery 160 kbd ERG Power Plant 72 MW to 100 MW ERG Raffinerie Mediterranee (ERGMed) ERG Nuove Centrali (Nu.Ce.) Agip Power Plant 250 MW to 360 MW ERGMed has been operational since 1 October
9 ERGMed - Investments Capex, Euro millions TOTAL Pipelines linking refineries New FCC feed pre-treatm. unit New Hydrof./Upgrad/Ancillary Strategic Investments Total Other refinery investments Grand Total
10 ERGMed - Investments Main differences vs last year (+Euro 54 million): Better definition of pipeline project to ensure product and feedstock exchange flexibilities Higher conversion of FCC feed pre-treatment plant (15% vs original 10%) Ancillary facilities designed to cope with most stringent environmental standards Steel and Engineering cost increase Revised IRR of investment plan still more than 15% based on an improvement of ERG own account refining margins by 0.85 $/bbl from 2H06 (2003 scenario) 20
11 2007+ Strategic Configuration Win-win strategy to optimize yields and costs: * Increase conversion (upgrading of low value raw material) * Redundant units shut down and throughput reduction Specific Conversion Maximization Lower costs Integrated refinery will be one of the best in the industry: * Cheaper and higher sulphur crude slate * Clean sulphur free production increase * Near zero-fuel refinery 21
12 upgrading (as percent of distillation capacity) Comparison of Mediterranean Refinery Size and Complexity Average Priolo Refinery Small and Simple % ISAB Refinery Distillation Capacity ('000 bbls/day) LEADER SIZE AND COMPLEXITY (SUPERSITES) Operating Field Merged refinery (opportunity to reduce throughput and increase complexity) Average Note: ERG estimate based on Chem Systems assessment and FCC equivalent factors basis 22
13 M T A Refinery Throughput (Crude & Feedstocks) H API S.R. M.S. CRUDE L.S. CRUDE PROCESSING 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % About 60% Yields About 78% H Fuel Oil IGCC Jet/Gasoil Petrol Chem LPG
14 Conclusions Configuration looks robust in any scenario. Competitiveness magnified by sour crude profitability increase: * Gross Margin (in US$ millions) similar to 2H06 configuration in spite of reduced throughput * Costs reduced by at least 25 M /Y * Positive environmental impact (more than 50% SOx, NOx and particulate reduction) 24
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