National Iranian Oil Engineering & Construction Co.

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2 Introduction National Iranian Oil Engineering and Construction Company (NIOEC) intend to build a new 15, barrel per day oil refinery in Tabriz, Iran. The new refinery, named Shahriar, will be integrated with the existing refinery at the same site. The aim is to produce combined products from the new and existing refinery of Gasoline (premium and regular), Kerosene, Gas Oil and Fuel Oil which meet the EURO V and NIORDC specifications, in order to supply both domestic and export markets. There will be an exchange of intermediate products between the new and existing refinery in order to maximise product quality. Two cases of crude oil were investigated in basic design, the base case and alternate case. The base case contains 37,5 BPD from North Dezful, 37,5 BPD from Maroon in Iran and 75, BPD from Kashegan oil fields in Kazakhstan country. The alternate contains 75, BPD from North Dezful and 75, BPD from Maroon in Iran.

3 Introduction study of the Project has been done in five cases by NIOEC and two cases are selected for basis of Designing of the project. The Case I which is named Base Case and Case II named Alternate Case. The Basic Design work carried out by KBC Process Technology Ltd. KBC has a strong reputation internationally for consultancy in the oil refining sector. It is a public company quoted on the UK s AIM stock market. The role of KBC in this project is as sub-contractor to Nargan Engineers and Constructors Company. KBC has used its proprietary Petro-SIM TM software to build a detailed simulation of the new and existing refineries.

4 Goals : Installation of refinery with capacity of 15, BPD integrated with existing refinery Improvement the quality of existing refinery's products Optimum technical and economical situation Refining with maximum gasoline and propylene Produce refining products according to Euro- V Keeping environmental laws

5 Benefits : Optimum economical matter Decrease in environmental Air pollution Usage of synergy benefits of Existing & Shahriar refinery Possibility of Exporting products to adjacent Countries Preparing Naphtha for petrochemical plant in order to increase the revenue No flaring situation for removing air pollution Reduction of investment with integration two refineries Existing of input and output sources

6 Existing Status: Basic engineering is done EPC package is prepared Commencing Basic engineering of a new pipeline in order to providing crude for Shahriar refinery in future Taking legal environmental permission is in progress

7 Feeds for Basic Design Package (Base Case) Crude Oil Tabriz Ref Shahriar Ref. Total Processed Vol Vol North Desful 55, 5 37, ,5 Maroon 55, 5 37, ,5 Kashagan 75, 5 75, Total 11, 1 15, 1 26,

8 Feeds for Basic Design Package (Alternate Case) Crude Oil Tabriz Ref Shahriar Ref. Total Processed Vol Vol North Desful 55, 5 75, 5 13, Maroon 55, 5 75, 5 13, Kashagan Total 11, 1 15, 1 26,

9 Products to other industries Product: BD LSRG to TPC HSPG to TPC Lube. oil to 3rd Party

10 Item FCCU Licensed Unit Whole Naphtha HDT & CCR- Reformer Units Gas Oil HDT Unit Isomerization VGO HDT Unit FCC Gasoline Treater Sulfur Recovery Plant Tail Gas Treatment Section Hydrogen Unit Licensor(s) Axens (France) Axens (France) RIPI (Iran) Axens (France) Topsoe (Denmark) Axens (France) Technip-KTI (Italy) Technip-Benelux

11 Capacity of Shahriar Refinery units New Units Capacity CDU 15, VDU 69, LPG 5, GPP-NHT 2, New-NHT 32, GPP-CCR 2, New-CCR 2, Isomer 15, Gas oil HDS 72, VGO HDS 42, FCC 37, PRU 3,5 SRU T/D 36 HGU MSCFD 42 ATU T/D 5 New SWS T/D 2,5

12 Products of integrated Tabriz and Shahriar Refineries Products: TZ + SH Refineries BBL/d TZ-Refinery BBL/d Difference BBL/d Propylene LPG Naphtha to TPC Gasoline 9RON Gasoline 95RON Gasoline 87RON Kerosene Gasoil (1 ppm) Gasoil (1 ) Lube oil Fuel Oil Fuel Oil Fuel Oil Asphalt Benzene Sulphur

13 Products of integrated Tabriz and Shahriar Refineries Diagram SH Refinery TZ-Refinery TZ + SH Refineries Propylene LPG Naphtha to TPC Gasoline 9RON Gasoline 95RON Gasoline 87RON Kerosene Gasoil (1 ppm) Gasoil (1 ) Lube oil Fuel Oil Benzene Sulphur (T/D)

14 Basis of Economic Evaluation Stream days 35 Crude Unit Capacity 15 Inventory holding for Crude 5 Inventory holding for Product 5 Global Discount Rate for Project 1. Interest Rate on Bank Loan 8. Inflation Rate. Income Tax 25. Depreciation rate 2. Capex Phasing Yr 1 15 Capex Phasing Yr 2 35 Capex Phasing Yr 3 35 Capex Phasing Yr 4 15 Loan as percent of Capex 85 days kbpd days days

15 Basis of Economic Evaluation Fixed Costs Maintenance 2.5 Insurance.3 Overheads.5 Other Opex.21 Owner Cost 11.5 Residual Value 2 Exchange rate 8 Plant Utilization Year 1 of Operation 9 Plant Utilization Year 2 to of Capex of Capex of Sales US$/bbl of Capex Iranian Rials/$

16 Table 1: Project Units Cost Breakdown Process Units Unit Capacity Installed Cost (MUS$) Eng./Indire cost (MUS$) Royalty cost (MUS$) Total Cost (MUS$) Crude Distillation (incl. stabiliser& LPG unit) Vacuum Distillation LPG Recovery Naphtha Splitter Unsats : C3=/C3 spliiter CCR Isomerization (C5/6) (DIH/DIP) Naphtha Hydrotreater GO Hydrotreater VGO Hydrotreater Unsats LPG Sweetner (With Caustic Wash) FCC (inc Gas Plant & C3/C4splt) Sulfur Plant with Tail Gas Treating t/d Hydrogen Manufacture Mmscf d Amine Treating Unit knm3/d Process Unit (sum)

17 Table 1: Project Units Cost Breakdown Process Units Other Cost: Power (GTG) Steam(WHB) Cooling Water Tankage Miscellaneous(*) Land Cost Sum Total Investment Cost Total Cost (MUS$)

18 Economic Study Results : Total Investment (MUS$) Gross Margin (MUS$/year) N.P.V. (MUS$) IRR () Payout (Years) Base Case ( Diff.) 3, ,