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The road Future to of recovery: Egypt s North Downstream Africa s Industry oil and gas industry Created by www.wraconferences.com

Contents The Future of Egypt s Refining & Petrochemical Industry In Conclusion Background Bibliography Egypt s petrochemicals time-line About the World Refining Association The Current Situation Calendar of Events Overcoming Egypt s Downstream Challenges World Refining Association s knowledge bank 2 www.wraconferences.com

The Future of Egypt s Refining & Petrochemical Industry Egypt is currently the largest oil producer in Africa outside of OPEC and the second largest natural gas producer after Algeria. Egypt, having already taken on a major role in international energy markets is now seeking to get its downstream industry back on track. Egypt has great potential when it comes to refining and petrochemicals. It is an important transit route, offering great potential to become a hub for petroleum products. Nonetheless, since the Arab spring uprising of 2011 that saw the overthrowing of President Hosni Mubarak, great tolls have been taken on the domestic oil, gas and petrochemical industries. Many challenges lie ahead for the refining and petrochemical sectors, but since the election of General Abdel Fattah el-sisi to the presidency, the situation is starting to look up. Egypt is regaining its political and economic stability and the President has now urged members of the government and relevant institutions to implement the necessary measures to increase the production of oil and gas within the country and subsequently provide much needed feedstock to the downstream industry. The recent Egypt the Future conference held in Sharm El Sheikh in March 2015, highlighted the importance of the oil and gas sector for Egypt s economic and social recovery. Following the Minister of Petroleum & Mineral Resources, Sherif Ismail Mohamed s announcement last September that Egypt is going to invest US$ 14.5 billion in their domestic refining and petrochemicals sector over the next five years, Egypt s refining and petrochemical industries are at the forefront of the government s plans to put the energy sector back on the path to growth. This report seeks to outline some of the opportunities and challenges facing Egypt s downstream industry and provide a bird s eye view of the current refining and petrochemical landscape within the country. The World Refining Association is committed to creating high quality, strategic and technical conferences across the globe. We also recognise the need for pioneering industry content throughout the year. It is for this reason that the World Refining Association has produced this report and we look forward to enabling knowledge sharing and learning on this timely industry topic. Best Regards, Maxwell Thompson Project Manager World Refining Association : maxwell.thompson@clarionevents.me e t: +44 (0)207 384 7970 3

Background Oil, gas and petrochemicals have played a role in Egypt s history since the very beginning. The petrochemical industry can be dated back as far as the Ancient Egyptians. Long before today s methods were invented, products we now know as ethylene and polyethylene were made by the Ancient Egyptians. They were smart enough to know that when the fig plant was gassed, it would stimulate ripening and this process released the ethylene which was produced organically in the plant. Furthermore, traces of bitumen have been found as one of the materials used in the building of the pyramids. 1 The refining and petrochemical sectors really began to take shape in Egypt during the 80s and 90s. During this period the state oil company Egyptian General Petroleum Corporation (EGPC) started to diversify its interests from pure oil and gas production into petrochemicals, whilst also putting more emphasis on refining. After an abortive joint venture with the Italian petro-chemical specialist Montedison, EGPC undertook the construction of a plant at Ameriyah for the production of polyvinyl chloride (PVC), vinyl chloride monomer (VCM), chlorine and caustic soda. The plant went into production during 1986 and 1987, with further units for ethylene and polyethylene added at a later date. It was during this period in the late 80s that EGPC assigned high priority to its downstream activities. According to their five-year plan (1987-92), the government wanted to increase the refinery capacity by almost 40 per cent by 1992. The importance of this was emphasised when 42 per cent of Egyptian public sector investment in the oil and gas sector was put into refineries and refined products. In 1990, Egypt had seven refineries with more expansion planned but, much like today, there was concern over how these new projects would be financed with some observers expecting that private investment would be necessary for the expansion of the downstream industry. This would be a new departure for EGPC in the downstream sector as all refineries and petrochemical complexes were state financed. 2 In 1999, imports of petroleum products reached US$1.945 billion, while exports were US$1.821 billion. It was also during this period in the early 90s that fears started to arise over Egypt s ability to feed its refineries and domestic market, with many observers predicting that without new oil discoveries Egypt would eventually revert to being a net importer of oil, an observation that was realised by the end of the decade. In 1999, imports of petroleum products reached US$1.945 billion, while exports were US$1.821 billion. Nonetheless, the nineties witnessed a major leap forward for the petrochemical industry with the establishment of Sidi Kerir Petrochemicals Company (SIDPEC), in order to expand ethylene and polyethylene capacity to 225 thousand tonnes per year of ethylene. During this period, local gas feedstock was retrieved from the Western Desert by the Egyptian Petrochemical Company (EPC) to cover local market demands of ethylene, while exporting the surplus. 3 The petroleum sector was subsequently restructured in the year 2000; Egas was established to oversee Egypt s expanding natural gas sector and the Egyptian Petrochemical Holding Company (ECHEM) was established with the goal of executing a twenty year master plan to establish 14 petrochemical complexes (24 plants, 50 production units), with a total investment cost of US$20 billion. ECHEM was established with the aim of restructuring the petroleum sector to optimise the value added of natural resources. 4 4 www.wraconferences.com

Egypt s petrochemicals time-line 2020 2014 Egyptian prime minister Sherif Ismail announced plans to invest as much as $14.5bn in the country s downstream sector over the next five years. 2010 1999 Sidi Kerir Petrochemicals Company (SIDPEC), produced ethylene and polyethylene with a plant capacity of 225 thousand T/Y Ethylene. 2000 2002 Egyptian Petrochemicals Holding Company (Echem) was established 1990 1975 Talkha and Alexandria witnessed the establishment of 2 urea plants. 1980 1970 1980 Egyptian Petrochemical Company (EPC) at Amereya - Alexandria was established. 1950 Suez governate witnessed the production of fertilizers from the surpluses of ammonia by the refinery units of Abboud plants in Ataka. Source: Egyptian Petrochemicals Holding Company 1960 1950 1940 1955 Egypt established one of the earliest production units of nylon worldwide in Kafr-El- Dawar. 1945 The petrochemical industry started in Egypt in the midforties with the establishment of AlAhleya Plastic Company. 5

The Current Situation Fast forward to 2015 and the situation has changed somewhat. The Arab Spring uprising of 2011 affected the oil and gas sector with many projects put on hold due to political instability and a lack of governance. Subsequently, many of the plans put in place in the early 2000s stalled, in particular the petrochemical master plan. Today the government is putting a lot of emphasis on re-establishing its plans for the development of its refining and petrochemical sectors. Egypt - unlike some of its North African neighbours - has weathered the storm of the Arab Spring and whilst some issues still remain, for the most part the political situation has stabilised and the government is committed to re-energising its oil and gas industry. One of the main challenges facing the petroleum industry within the country is the vast amount of debt the government has with international oil companies (IOCs). Nonetheless, the government, since 2013, has been successful in paying back its debts. It is in constant negotiation with international oil companies (IOCs) to bring its debt down to minimum levels and restore foreign investor confidence. Concurrently, the Ministry of Petroleum is implementing a package of ambitious projects with which it hopes to develop Egypt s energy infrastructure. This includes refineries and pipelines for petroleum products. Egypt has the largest oil refining capacity in Africa, although it operates well below capacity. The country s refining output declined by 28% from 2009 to 2013, despite growing domestic oil consumption. As a result, Egypt must import petroleum products to make up for the shortfall. Downstream Expansion Despite the recent challenges the downstream sector has faced within Egypt, it still has the largest oil refining capacity in Africa, estimated at 704,000 bpd according to the Arab Oil and Gas Directory, although it operates well below this. Total investments that will be implemented over the next five years will be around $14.5 billion and include $12.5 billion in the refining sector and $1.9 billion in the ETHYDCO project. Sherif Ismail, September 2014 Table 1. Egypt s crude oil refineries Refinery Operator Location Cairo Petroleum Refining Co. Mostorod (Cairo) 142,000 Alexander Petroleum Co. Alexandria (El-Mex) 115,000 El-Nasr Petroleum Co. El Suez 100,000 Middle East Oil Refinery Alexandria (Sidi Kerir) 100,000 Ameriya Petroleum Refining Co. Alexandria 75,000 Suez Petroleum Refining Co. El Suez 68,000 Assiut Petroleum Refining Co. Assiut 50,000 Cairo Petroleum Refining Co. Tanta 54,000 Total 704,000 Nameplate capacity (barrels per day) Source: Arab Oil & Gas Directory, Egyptian General Petroleum Company 6 www.wraconferences.com

Egyptian Refining Company Further refining capacity is due to come online in 2017, with the addition of the 85,000 barrels per day Egyptian Refining Company, an expansion of the Cairo Oil Refinery. The refinery is being developed by ERC, a public-private partnership that is financed by Qalaa Holdings (formerly Citadel Capital) and EGPC. Originally planned in 2006 the refinery met delays following the 2008 financial crisis and the 2011 Arab Spring uprisings, but is due to be completed in 2016 and come online in the first quarter of 2017. The refinery, situated 20km north of Cairo, will use fuel oil for its feedstock produced from the nearby Cairo Oil Refinery to produce 2.3 million tons of diesel per year. ERC will produce 50-60% of domestic diesel needs, equating to a saving of nearly US$300m annually for the state budget for imports, shipping and transport costs of petroleum products. In addition to diesel the refinery will also produce gasoline, jet fuel and Liquefied Petroleum Gas (LPG). 5 The new refinery will be the first refinery in Egypt to produce fuel in accordance with European emissions standards with the diesel being produced at the refinery will be Euro 5 diesel. Technology in the refinery will be some of the most modern in all of Egypt, with plans to include a vacuum distillation unit with an output capacity of 80,000 barrels of oil equivalent per day (boepd), a 25,000 boepd delayed coker, a 23,000 boepd naphtha hydrotreater, a 40,000 boepd hydrocracker and a 32,000 boepd distillate hydrotreater. A joint venture partnership between South Korea s GS Engineering and Japan s Mistui will conduct the engineering, procurement, construction, commissioning and testing of the refinery. KEY FIGURES Operator: Qalaa Holdings and EGPC Expected completion: Q4 2016 Daily production capacity: 80,000 boepd 25,000 boepd delayed coker 23,000 boepd naphtha hydrotreater 40,000 boepd hydrocracker 32,000 boepd distillate hydrotreater 7

Egyptian Refining Company will produce 50-60% of domestic diesel needs, equating to a saving of nearly US$300m annually for the state budget for imports, shipping and transport costs of petroleum products 8 www.wraconferences.com

Tahrir Petrochemicals Complex On the petrochemical front, construction of the grassroots Tahrir Petrochemicals complex, set to be Egypt s largest petrochemical complex, is about to commence. The 5 million square metre complex being built in Ein Sokhna close to Suez is expected to be ready for commissioning in 2019. When complete, it will produce 1.35 million tonnes per year (tpy) of polyethylene, 880,000 MTA of propylene, 250,000 MTA of butadiene, 350,000 MTA of benzene, 150,000 MTA of Gas Oil and 100,000 MTA of Hexene -1. In addition, the complex will have the world s largest naphtha cracker - producing 4 million tonnes per year which is being constructed in partnership with General Electric, who in 2013 signed a US$500 million contract with Carbon Holdings to assist in building the plant. The license for the complex will be provided by Germany s Linde. Carbon Holdings have recently announced the signing of an MOU with Emerson Process Management on January 12th 2016 in which Emerson has been selected to provide automation and reliability technologies and services for the Project. Emerson s initial scope of work is estimated at $150 million. As the main automation contractor, Emerson will apply best practice technologies and services to help ensure the facility is completed on time and within budget. Engineering services include designing the plant for optimum availability, and Emerson will also provide a robust reliability program that includes consulting services, equipment health monitoring, and a reliability service center for ongoing local support and expertise. Other companies involved in the construction of the complex include Italy s Marie Tecnimont and Greece s Archirodon who have been tasked with the engineering, procurement, construction and commissioning for the project s utilities and offsite facilities. The polyethelyne plants at the complex will utilise Univation Technologies single reactor Prodigy bimodal catalyst and Xcat metallocene catalyst technologies as well as their Unipol PE process line. Espindesa; a subsidiary of Spain s Tecnicas Reunidas will provide the technologies for the complex s nitric acid and ammonium nitrate processes. The petrochemical products produced in the Tahrir Petrochemicals complex will be for both domestic and export use. Further downstream capacity expansions are also underway. These include: Expansion of Egypt s most modern refinery; the Middle East Oil Refinery (MIDOR), which is deploying Honeywell owned UOP s technology, which is coming along nicely. Agreements were signed summer 2015 with the Italian arm of France s Technip and SACE the Italian export credit agency. The expansion will generate an additional 15,000 tonnes per year of butane and 35,000 tons per year of hydrogen In addition, the National Refining & Petrochemicals Co. (ANRPC) announced in August a new petrochemical project. The firm has formally launched a US$300 million upgrade of its current petrochemical plant with the signature of a technology supply agreement also with UOP. This could double capacity to 1.7 million tonnes per year. These projects form part of Egypt s plan for a massive expansion of its downstream sector to be located in the new industrial zones along the Suez Canal. The government has earmarked the Canal for downstream development, under its Suez Canal Axis Development plan. KEY FIGURES Operator: Carbon Holdings Cost of first phase: More than $5 billion Cost of planned second phase: $1.9 billion Commission begins: 2019 Yearly output: More than 4 million tonnes of petrochemicals 9

Overcoming Egypt s Downstream Challenges Whilst the construction of these new projects is good news for the downstream sector, there are still challenges that need to be overcome if Egypt is to truly realise its downstream potential. Feedstocks Without a doubt one of the biggest challenges facing Egypt s refining and petrochemical industries is access to feedstock. As aforementioned, many of Egypt s refineries are operating well under capacity, whilst this can be attributed to the age of the refineries and a lack of modern technologies, the fundamental reason is a lack of available feedstock. Despite having the largest oil refining capacity in Africa, the country s refining output declined by 28% from 2009 to 2013, even though domestic oil consumption grew. 6 The decline in refining output has been attributed by Facts Global Energy to Egypt s policy that permits foreign oil producers to export more crude oil as repayment of EGPC s financial debt. Subsequently, there is a lower volume of domestic crude oil available for the domestic refineries. In order to try and address this shortfall Egypt must make up the difference by importing petroleum products and/or crude oil. In 2014 Egypt imported circa 145,000 b/d of petroleum products. Despite having the largest oil refining capacity in Africa, the country s refining output declined by 28% from 2009 to 2013, even though domestic oil consumption grew. On the petrochemical front, producers in Egypt are facing many of the same challenges. Most of Egypt s petrochemical capacity is set up to utilise natural gas as its feedstock. Egypt s dry natural gas production declined by 5% from 2012-2013 and considerable natural gas discoveries in the deepwater Mediterranean Sea have been undeveloped due to the price that the government was willing to pay international companies to produce the gas being too low. Couple this with the fact that over sixty per cent 3 of the natural gas that is available to use goes towards the production of electricity and Egypt s petrochemical producers are left with a severe lack of feedstock. The future is looking brighter; at present Egypt s natural gas reserves are estimated to be around 77 trillion cubic feet (tcf). 7 Still, due to new recent gas discoveries, this number looks to be significantly increasing. The Zhor field; Italian oil company Eni s giant field located in deepwater off Egypt s Mediterranean coastline in the Shorouk block is one recent discovery that has the potential to be a game changer. Claudio Descalzi, CEO of Eni said that the Zhor discovery could hold a potential of 30 tcf of lean gas in place - equivalent to 5.5 billion barrels of oil - that could satisfy Egypt s natural gas demand for decades. Descalzi also indicated that due to its close proximity to Eni s existing processing facilities, development could take place within just a few years. Nonetheless, whilst lack of feedstock remains a challenge for the refining sector, the future looks positive. As previously stated, the government has begun to pay back the huge debts owed to international operators which will lead to a reduction in the amount of domestically produced oil that foreign producers can export. Furthermore, with Egypt estimated to hold some 4 billion barrels of proved oil reserves and new oil discoveries continuing to boost Egypt s reserve estimate, more feedstock capacity will be available in the near future. 10 www.wraconferences.com

After a decade which has seen the transformation of Egypt as a natural gas exporter due to abundance, to a net importer the new gas discoveries are indeed much welcomed news. Furthermore, Bob Dudley, Chief Executive Officer of the United Kingdom s BP recently announced a multi-billion dollar investment package with the signing in March of an agreement for the West Nile Delta (WND) project. The project will aim to develop 55 million barrels of condensates and 5 tcf of gas resources for an estimated investment of around US$12 billion, the largest injection of foreign direct investment into Egypt to date. Expected to start production in 2017, when fully on-stream, production is expected to reach up to 1.2 billion cubic feet a day (bcf/d). The gas produced from these projects is equivalent to about 25 per cent of Egypt s entire current gas production. There is also the potential to add a further 5-7 tcf with additional investments. All of these projects will allow Egypt to not only ensure the country has power, thus keeping citizens happy, but a lack of petrochemical feedstock could turn into abundance, hereby kick starting further petrochemical projects. The Zhor gas discovery is changing the game for Egypt It is very important for Egypt, but also for the Mediterranean in terms of stability. Claudio Descalzi, August 2015 KEY FIGURES Key Project: BP s West Nile Delta Foreign Direct Investment: US$12 billion Expected start of production: 2017 Output: 55 million barrels of condensates and 5tcf of gas resources. 11

The West Nile Delta project is scheduled to start in 2017, with peak production expected to reach 1.2 billion cubic feet a day (bcf/d) of gas, which is equivalent to approximately 25% of Egypt s current gas production 12 www.wraconferences.com

Financing of Projects Another challenge to Egypt s downstream industry lies in the financing of downstream projects. Investor confidence remains low in the country, especially for foreign investors and many projects have found it difficult to obtain the necessary finances required to develop new downstream projects. Many foreign investors are wary of getting involved in a country where the political situation is still not completely stable. Financing of projects has become of increasing concern to many international investors. Not only generating the finance for infrastructure projects but also to guarantee the investments that many companies are looking for. As a result of this some companies are now taking on the risk of guaranteeing the investment of technologies themselves just so they can get projects off the ground. Nonetheless, there is optimism for foreign investors, the IFC sees Egypt as an attractive market for foreign investors with the political stability brought about by President el-sisi providing the ideal platform for international companies to invest in downstream projects within the Arab Republic. IFC sees Egypt as an attractive market for foreign investors with the political stability brought about by President el-sisi providing the ideal platform for international companies to invest in downstream projects within the Arab Republic. 13

Fuel Subsidy Reduction Since the Arab Spring in 2011, Egypt s economy has not fully recovered. The government of President el-sisi is in the process of implementing energy subsidy reforms to reduce spending. The amount Egypt spends on oil product subsidies is vast and has had a real effect on the economy in recent years. In the fiscal year 2013-14 the Egyptian government spent US$18.2 billion (126.3 billion LE) on oil product subsidies and US$1.8 billion (13.3 billion LE) on electricity subsidies. 8 Nonetheless, due to recent subsidy reforms, the government projects that in the fiscal year 2014-15 the cost of oil subsidies will fall to US$9.2 billion (70 billion LE). In the fiscal year 2014-15 the cost of oil subsidies will fall to US$9.2 billion (70 billion LE) The vast amount of money that the Egyptian government spends on energy subsidies has contributed to the country s high budget deficit and has undoubtedly contributed to EGPC s inability to pay off its debt owed to foreign operators. Whilst it is one of the new government s biggest challenges to bring down the energy subsidies they currently pay, the effect of this could be a catalyst for downstream development. Without having to pay out these huge subsidies the government would be able to grant more money to EGPC to pay down its debt to international companies, hereby leading to further investment commitments by these companies and therefore more petroleum products reaching the Egyptian refineries and market. Figure 1. Primary Energy consumption in Egypt, by fuel, 2013 Natural Gas - 53% Oil - 41% Hydroelectric - 3% Renewables - 1% Coal - 2% 14 www.wraconferences.com

Figure 2. Petroleum and other liquids production and consumption in Egypt thousand barrels per day 800 780 760 740 net imports 720 700 680 660 Production Consumption 640 620 600 580 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: U.S. Energy Information Administration Figure 3. Dry natural gas production and consumption in Egypt Trillion cubic feet 2.5 2.0 1.5 Production Exports Consumption 1.0 0.5 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: U.S. Energy Information Administration 15

In Conclusion It is fair to say that the future of Egypt s downstream industry looks positive. Yes there are challenges that lay ahead. President el-sisi s government is beginning to put in place all of the necessary steps to ensure that Egypt can unlock its downstream potential. The commitment the government has made by investing US$14 billion to expand the refining and petrochemical sectors show their intent to become a regional downstream player. If Egypt is going to unlock its potential then the structural reforms that began in 2014 need to continue. The artificially low price of energy led directly to the diversion of oil and gas exports to the domestic market and even then there was still a need to import petroleum products in order to meet demand. This resulted in the accumulation by the Egyptian government of more than US$7 billion in arrears with IOCs and caused firms to shy away from the Egyptian market. By reforming the subsidies and liberalising power generation, Egypt should no longer have to worry about delayed or cancelled payments and therefore solve one of the biggest challenges currently facing Egypt s downstream industry attracting foreign direct investment as it will be seen as less risky by international firms. Furthermore, by making the investment landscape more attractive for foreign firms, feedstock shortages should also be decreased. If companies such as Eni are able to develop their assets and sell their products at more attractive prices to the local market, then refineries and petrochemical plants are going to benefit from this added feedstock. Moreover, with the recent setting up by the government of the gas regulatory commission, the regulatory landscape surrounding gas and its use for electricity or petrochemicals feedstock should become clearer. If political stability remains and the government continues with its plans to invest US$14 billion in the refining and petrochemical sectors then there is every chance that Egypt can and will realise it true downstream potential. Source: Middle East Oil Refinery (MIDOR) 16 www.wraconferences.com

Bibliography 1 ECHEM, History, http://www.echem-eg.com/en/history/ 2 Egyptian General Petroleum Corporation, Petroleum Economist, October 2000, p. 50. 3 ECHEM, History, http://www.echem-eg.com/en/history/ 4 ECHEM, History, http://www.echem-eg.com/en/history/ 5 Egyptian refining Company, October 6, 2015, http://www.ercegypt.com/ 6 EIA, June 2nd, 2015 http://www.eia.gov/beta/international/analysis.cfm?iso=egy 7 EIA, June 2nd, 2015, http://www.eia.gov/beta/international/analysis.cfm?iso=egy 8 EIA, June 2nd, 2015 http://www.eia.gov/beta/international/analysis.cfm?iso=egy 17

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World Refining Association s knowledge bank Please find below a list of our reports that we thought you might enjoy: 2015 Global Economics & The Downstream Industry 2015 GLOBAL ECONOMICS & THE DOWNSTREAM INDUSTRY In assembling insights from key refining and petrochemical companies globally, we have created an in-depth report to enable you to benchmark, analyse trends, learn from challenges being encountered in different regions and identify a strategy that can be implemented into your own business. www.wraconferences.com DOWNLOAD NOW The significance of Operational Excellence in securing the future of Downstream Operations SIGNIFICANCE OF OPERATIONAL EXCELLENCE ON SECURING THE FUTURE OF DOWNSTREAM OPERATIONS www.wraconferences.com Having a comprehensive Operational excellence/integrity management system is critical in today s environment. Given the volatility of oil prices, companies have to cut costs and become more efficient, both of which come by having a comprehensive OEMS in place; the cornerstone to minimising safety, security, health and environmental risks and achieving excellence in performance. DOWNLOAD NOW Global Report on Refining and Petrochemical Integration Commissioned by the World Refining Association I am very active in the area of refining and petrochemicals and am interested in the discussions the WRA is putting together on the subject of integrated refining and petrochemicals facilities. IFC has been closely involved in several such facilities in Asia, Europe and Africa and I think in this hyper-competitive and volatile environment, where GRMs can easily become negative, integrated complexes are the way to realise maximum value and enhance competitiveness. Anil Chandramani, Chief Investment Officer & Global Sector Lead, Chemicals & Fertilizers, International Finance Corporation GLOBAL REPORT ON REFINING AND PETROCHEMICAL INTEGRATION By collating insights from pioneering companies in this area, we have created a report to enable you to benchmark, analyse trends, learn from issues encountered to date, evaluate the decisions behind operations and identify a strategy that can be implemented into your own business. DOWNLOAD NOW The future for Egypt s oil and gas industry THE FUTURE FOR EGYPT S OIL AND GAS INDUSTRY Produced by The Energy Exchange Egypt is currently the largest oil producer in Africa outside of OPEC and the second largest gas producer, after Algeria. This report collates insights from key stakeholders in country s oil and gas industry to enable you to assess the risk vs.reward potential of investing in Egypt. www.theenergyexchange.co.uk DOWNLOAD NOW 19

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