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1、CLEAN FUELS UPGRADE at PETROTRINS POINTE-A-PIERRE REFINERY,Mendoza,Argentina,October 31,2006,Steve Hilaire,1,CLEAN FUELS UPGRADE at PETROTR,OUTLINE,IntroductionBusiness Background ScopeEconomicsCapital Expenditure Results&BenefitsProject RisksStatusFinancing Template,2,OUTLINEIntroduction2,3,3,Intro

2、duction About Trinidad&Tobago,Access to emerging&developed marketsHighly skilled and trained workforceStable economic/political environmentGlobal leader inExport of MethanolExport of AmmoniaExport of LNG to USA,4,Introduction About Trinidad,Introduction PETROTRIN History,1917:Commence Operations of

3、P-a-P Refinery1940/41:Eastern Refinery Established1952:FCCU Installed1956:Acquisition by Texaco1958:No 1 CRU Gasoline Upgrade&BTX1960/62:No 8 CDU,No 1 HTU,No 2 CRU1964/66:Lube Oil&Normal Paraffins1972:No 4 VDU&No 2 HTU Fuel Oil Desulf1985:Acquisition by State1992/96:Refinery Upgrade Phase 1Increased

4、 Conversion&Full Refining CapacityPartial Revamp of FCCURehab of No 2 HTU,No 2 CRU,New Units:VBU,Hydrogen,Sulfur,MTBEDCS Controls,5,Introduction PETROTRIN Histo,Introduction PETROTRIN OVERVIEW,Fully State-ownedCommercially operatedIntegratedExplorationProductionRefiningMarketing,6,Introduction PETRO

5、TRIN OVERV,Introduction Crude Oil Supply,Crude capacity 168 MBPCDCurrent conversion capacity 150 MBPDLocal crude 40 45%(low cetane gas oil)Imported crudesVenezuelaBrazilColumbia EcuadorWest Africa(high cetane),7,Introduction Crude Oil Suppl,Introduction Product Supply,MarketsLocal 100%-18%of VolumeR

6、egional 75%-30%of VolumeExtra regional 5%-20%of VolumeInternational-32%of VolumeApprox 10%volume-unfinished/low value productsCRU naphthaLow octane mogasFCCU feed(VGO),8,Introduction Product SupplyM,Introduction:Operational Performance R&M,Financial Performance,ProfitabilityCash FlowROACE,Market Pri

7、ce,Mix+Volumes,Direct Cost,Other,Sustaining,Growth,Sales Revenue,OPEX,CAPEX,There are multiple areas where changes could improve future financial performance,Performance Factors,Petrotrin is highly sensitive to market price because it is a merchant refiner,High fuel oil cut&low value products reduce

8、s profitsLacks clean fuels capacity,High unit operating costs compared to peers,Indigenous crude only supplies 40%of needs,High spend on maintaining competitiveness of old infrastructure,Project delays/deferrals have led to missed opportunities,9,Introduction:Operational Perf,Introduction:Operationa

9、l Performance R&M,Performance,ProfitabilityCash FlowROACE,Market Price,Mix+Volumes,Direct Cost,Other,Sustaining,Growth,Sales Revenue,OPEX,CAPEX,Current and Planned R&M Improvement Initiatives,A mixture of upgrades and operational changes to improve performance,Clean fuels upgrade in progress,Refiner

10、y business improvement project(SGSI),E&P oil winning projects(halt production decline),Infrastructure upgrade(planning stage),Bottom of Barrel Upgrade(conceptual stage),Gasoline upgrade(implementation stage),10,Introduction:Operational Perf,BUSINESS BACKGROUND Driving Forces,Gasoline Optimisation Pr

11、ogramEquipment Integrity No 1 CRU:3 of 4 Rxs Changed Expect 3 years MaxNo 2 CRU:Remaining Life Estimated at 6 8 yearsSale of Unfinished Low Value ProductReformer Feed Low Octane Gasoline VGO as FCCU Feed Tighter SpecificationsElimination of Lead&MTBE Octane&Volume LossLower Benzene,Sulfur,Olefins an

12、d RVPIncreased Octane Demand Shortfall of Premium Gasoline to some markets,11,BUSINESS BACKGROUND Driving,BUSINESS BACKGROUND Driving Forces(Contd),Tighter Diesel SpecificationsSulfur ReductionCetane IncreaseDecrease in aromaticsPhase II-BOB UpgradeHigh Fuel percent of Product SalesShrinking Fuel Oi

13、l Market,12,BUSINESS BACKGROUND Driving,BUSINESS BACKGROUND Options,Discontinue Refining Operations Huge economic impact on country and South in particular.New refineryGrassroots facility US$3-4 BnUpgrade Current refineryPerformance and Technology,13,BUSINESS BACKGROUND Options,Scope Identified,Gaso

14、line Optimisation ProgramFCCU:Upgrade Capacity from 26,000 BPSD to 35,000 BPSDProduct Octane from 81 MON to 83 MONPre-Fractionation Remove Benzene from CRU feedProvide feed for Isomerisation Isomerisation New 7,400 BPSD using C5/C6 Naphtha Feed Improve Octane from 70 MON to 80 MON,14,Scope Identifie

15、d Gasoline Opt,PROGRAM SCOPE(Contd),CCR Platformer Replace Fixed Bed Platformers Improve product Octane from 86 MON to 90 MONAlkylation New using C3/C4 ex FCCUNew Acid Regen PlantOptimize LPG ProductionOffsites&UtilitiesNew Boiler&Water TreatingTanks,Transfer SystemsPower SupplyControl equipmentFlar

16、e System,15,PROGRAM SCOPE(Contd)CCR Plat,PROGRAM SCOPE(Contd),New ULSD Hydrogenator 35,000 BPSD unit 8 9 point cetane lift 25%aromatics 8 ppm S,16,PROGRAM SCOPE(Contd)New ULSD,Economics&Approval,LP model RunsDelta economics Base case vs enhancedPrice/markets scenario forecastOptimum configuration de

17、terminedCapex EstimatesPublished/licensor dataInflated for time/location/experienceEconomics developedIncreased marginDCFRORNPVPayback,17,Economics&Approval LP model,Economics&Approval,Income statement/Cash Flows generatedSensitivity/Risk Analyses developedApproval ProcessExecutive managementBoardSh

18、areholder-Cabinet,18,Economics&Approval Income st,CAPITAL EXPENDITURE,New Units ISBL 630 MMOSBL,Project Mgmt Other 170 MMTOTAL(2006)800 MMORIGINAL ESTIMATE650 MM(2005),19,CAPITAL EXPENDITURE New Units,PROGRAM BENEFITS,Gasoline Optimisation ProgramIncrease Gasoline Quantity Total from 24%to 30%Elimin

19、ate Unfinished Products(Naphtha&VGO)Improve Gasoline Quality Increase MON from 83 to 86Reduce Benzene from 1.6%to 0.7%Reduce sulphur fron 41 ppm to 8 ppmCustomer SatisfactionLower Olefins in LPGAbility to eliminate MTBE,20,PROGRAM BENEFITS Gasoline Opti,PROGRAM BENEFITS(Contd),ULSD HTUImprove Gas Oi

20、l Quality Increase Pool Cetane Reduce Aromatics/Pool Sulfur Improved Operations of the P-a-P RefineryEnergy Efficiency&Environmental Compliance Increase full refining capacity to 168 MBPCDAbility to process sour,low cetane crudesPetrocaribe(New)Products displaced from regional marketImproved Quality

21、 can be marketed elsewhere,21,PROGRAM BENEFITS(Contd)ULSD,COUNTRY BENEFITS,Local Content:20%or US$160 millionMaximize local sub contractorsOffsite Works by PetrotrinConstruction Labor:14million hoursPeak Site Labor:2,800Corp Tax/UL:US$375 millionSustained Operations of P-a-P RefinerySecurity of Fuel

22、 Supply/PricesEconomic Activity,22,COUNTRY BENEFITSLocal Content:,PROJECT RISKS,Market/Product Pricing Delay in Tighter Specs/Conservative Prices UsedCapital Cost OverrunScope of WorkEPC Contracts Hybrid vs Lump SumSchedule DelaysStatutory ApprovalExperienced EPC Contractors Industrial relations pro

23、blemsSkilled sub-contractor labour,23,PROJECT RISKSMarket/Product,PROJECT RISKS,Technology:Well Proven/State-of the ArtEnvironmental:No new type of effluentRefinery systems(current and proposed)adequateFunding:Current Market Conditions Ideal for Loan,24,PROJECT RISKSTechnology:24,Status,Pre Frac/Iso

24、merizationEPC awardedPiling commencedCommercial production Dec 2007FCCU upgradeDiscussions on EPC award Hybrid contractProject completion date April 2008 CCR PlatformerEPC Negotiations completeETC December 2008Alky/AcidHybrid contract Lump sum for servicesRe imbursable for Equipment/materials,25,Sta

25、tusPre Frac/Isomerization25,Status Points to Note,Get Project Manager on board early.Licensor estimates normally low.Dont forget infrastructure and servicesIndustry quite busy Innovative bid requests required.Fast track procurement on long lead itemsMonitoring and control essential,26,Status Points to NoteGet Pro,GAS OPT PROGRAM-FINANCING PLAN MAJOR FINANCING OPTIONS,Note:Fixed Rate funding with minimum 10 Year tenor and minimum 2 Year moratorium is preferred.,27,GAS OPT PROGRAM-FINANCING PL,FINANCING SCHEDULE,28,FINANCING SCHEDULETASKSTART DA,