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G R O U P Snamprogetti Presentation to RICE Snamprogetti’s Highlights EST Technology by Romolo Montanari Snamprogetti S.p.A. Viale De Gasperi,16 - 20097 San Donato Milanese – Italy [email protected]
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Page 1: G R O U P Presentation to RICE Snamprogetti’s Highlights ... 031105... · Snamprogetti’s Highlights EST Technology by ... Fifth and Sixth LNG Train Location: ... ABB LUMMUS GLOBAL

G R O U P

Snamprogetti

Presentation to RICE

Snamprogetti’s Highlights

EST Technology

byRomolo Montanari

Snamprogetti S.p.A.

Viale De Gasperi,16 - 20097 San Donato Milanese – Italy

[email protected]

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Snamprogetti 22

H

Giving life to your projects

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The Parent Company

Snam Rete Gas S.p.A. EniPower S.p.A.Italgas S.p.A. Snamprogetti S.p.A. (*) Saipem S.p.A. (*)

Exploration & Production Gas & Power Refining & Marketing

Companies operating in Engineering and Oilfield Services respectively

(*)Divisions Subsidiaries

Snamprogetti 33

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Snamprogetti Capabilities and Roles

Construction

Feasibility and ConsultingStudies

Basic Design

Procurement

Training

Commissioning and PlantStart-up

Detailed Engineering

Project Financing Assistance

Overall Project Management

RolesRoles

CapabilitiesCapabilities

Project Managing Contractor

Technology Supplier

Main Contractor

Snamprogetti 44

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Experience

In 101 Countries since 1956In 101 Countries since 1956

Over 70 grass-roots plants(refining, petrochemical, gas processing),over 1,400 process units

74,500 km onshore pipelines designed21,500 km of submarine pipelines designed

Snamprogetti 55

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Major Projects Under Way (1)

EPC• Visbreaker Tar Gasification PlantLocation: Sannazzaro de’ BurgondiClient: Eni Refining&Marketing divisionCapacity: Tar 1,200 t/d

ITALYITALY

• Green Stream Offshore Gas Pipeline Location: Mellitah to Gela (Italy) Client: Agip North Africa Technical Characteristics: 32”, 520 km Maximum Depth: 1,109 m

Detailed Engineering,Inspection of Supplies,

Supervision of Construction

Record of depth in relation to diameter

LIBYALIBYA

• Onshore gas treatment plantLocation: MellitahClient: Agip Gas B.V. Libyan BranchCapacity: 6,6 bcm/y

LSTK in J/V

Snamprogetti 66

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Major Projects Under Way (3)

• Fourth, Fifth and Sixth LNG TrainLocation: Bonny IslandClient: Nigeria LNG LimitedCapacity: 4 million t/y each

LSTK in JV

NIGERIANIGERIA

QATARQATAR

• Fourth and Fifth LNG TrainLocation: Ras LaffanClient: Ras Laffan Liquified Natural Gas Company Ltd. Capacity: 4,7 million t/y each

EPC in JV

• Dukhan Field Gas Lift Location: DukhanClient: Qatar Petroleum (QP) Capacity: to maintain a production of 440,000 b/d

LSTK

• Al-Khaleej Gas Project Location: Ras LaffanClient: ExxonMobilCapacity: 750 MMSCFD

EPC in JV

Snamprogetti 77

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Major Projects Completed in 2001/2004 (1)

EPC• Natural Gas Treatment ComplexLocation: AsabClient: ADNOC Capacity: 856 million SCFD

ABU DHABIABU DHABI

•IGCC PlantLocation: SarrochClient: SarluxCapacity: 550 MWe

LSTK

ITALYITALY

The world’s largest IGCC plant

• Blue Stream Project Client: Saipem/Bouygues ConsortiumTotal length: 385 km (2 x 24”) Maximum depth: 2,150 m

Engineering Services

RUSSIA RUSSIA -- TURKEYTURKEY

Snamprogetti 88

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WORLDWIDE REFERENCES WORLDWIDE REFERENCES RESIDUE HYDROCONVERSION UNITSRESIDUE HYDROCONVERSION UNITS

PEMEXCapacity : 50,000 BPSD

Licensor : IFPNATechnology : E.B.

Inv. Cost : 600 MUS$Scope of Work : T.K.L.S.

Start Up : 1997

PKN ORLEN S.A.Capacity : 34,000 BPSD

Licensor : IFPNATechnology : E.B.

Inv. Cost : 130 MUS$Scope of Work : Eng.& Mat. Supply

Start Up : 1999

AGIP Petroli Taranto Ref.Capacity : 14,000 BPSD

Licensor : SHELLTechnology : F.B.

Inv. Cost : 160 MUS$Scope of Work : T.K.L.S.

Start Up : 1994

Raffineria MediterraneaCapacity : 25,000 BPSD

Licensor : ABB LUMMUS GLOBALTechnology : E.B.

Scope of Work : Eng. ServicesStart Up : 1997

HEAVY RESIDUE HYDROCONVERSION UNIT

Snamprogetti 99

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HYDROCONVERSION UNITS REACTORS VIEWREFERENCE “A”

Snamprogetti 1010

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REFERENCE “B”

HYDROCONVERSION UNITS MODEL VIEWREACTORS & CATALYST HANDLING

Snamprogetti 1111

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REFERENCE “C”

HYDROCONVERSION UNITSREACTORS LIFTING

Snamprogetti 1212

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REFERENCE “D”

HYDROCONVERSION UNITSREACTORS VIEW

Snamprogetti 1313

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REFERENCE “D”H-OIL UNIT VIEW

Snamprogetti 1414

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HYDROCRACKING UNIT

RAFINERIA GDANSKA S.A. Capacity: 28,000 BPSD

Licensor: CHEVRONContract: EMSStart Up: 1999

SLOVNAFTCapacity: 16,960 BPSD

Licensor: UNOCALContract: LS

Start Up: 1990

PKN ORLENCapacity: 53,000 / 68,000 BPSD

Licensor: UOPContract: EMS

Start Up: 1997 / 2003AGIP PETROLI

Capacity: 35,000 BPSDLicensor: UNOCAL

Contract: TKLSStart Up: 1992

SARASCapacity: 100,000 BPSD

Licensor: SHELLContract: LS / REIMB.

Start Up: 1991

TUPRASCapacity: 17,250 BPSD

Licensor: UOPContract: TKLSStart Up: 1993

TUPRASCapacity: 23,000 BPSD

Licensor: UNOCALContract: TKLSStart Up: 1997

AGIP PETROLICapacity: 35,000 BPSD

Licensor: UNOCALContract: TKLSStart Up: 1994

ENERGOINVESTCapacity: 7,700 BPSD

Licensor: UOPContract: LS

Start Up: 1971

NIOCCapacity: 9,280 BPSD

Licensor: UOPContract: TKLSStart Up: 1973

NIOCCapacity: 18,000 BPSD

Licensor: UOPContract: TKLSStart Up: 1977

NIOCCapacity: 28,000 BPSD

Licensor: UOPContract: LS / REIMB

Start Up: 1998

SCOPCapacity: 38,000 BPSD

Licensor: UOPContract: LS / REIMB.

Start Up: 1981

KNPCCapacity: 23,000 BPSD

Licensor: UOPContract: LS

Start Up: 1975 ADNOCCapacity: 27,000 BPSD

Licensor: UOPContract: LS / REIMB.

Start Up: 1985

WORLDWIDE REFERENCES HYDROCRACKING UNITSWORLDWIDE REFERENCES HYDROCRACKING UNITS

Snamprogetti 1515

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Snamprogetti 1616

““EST”EST”Eni Slurry TechnologyEni Slurry Technology

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R & D ACTIVITIES

Catalyst Screening and Evaluation of Catalyst Screening and Evaluation of

Best Process OptionBest Process Option from 1988 to 1995from 1988 to 1995

Laboratory Laboratory MicroreactorMicroreactor TestsTests 19961996

Bench Scale TestsBench Scale Tests from 1997 to 1998from 1997 to 1998

Pilot Plant Eng./Pilot Plant Eng./ConstrConstr.. from 1998 to 1999from 1998 to 1999

Pilot Plant TestsPilot Plant Tests from May 1999from May 1999

Snamprogetti 1717

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EST Technology Main Features

StabilityStability limitlimit PhasePhase separationseparation

AsphaltenesAsphaltenes

MaltenesMaltenes

Asphaltenes recycle + catalystThe EST approach

Time Course of Reaction

Snamprogetti 1818

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Vacuum

Residue

Catalyst Make-up

SlurryReactor

Hydrogen

Asphaltene / Catalyst Recycle Purge

S.D.A.

Solvent (C3 or C4)

DAOConv. Unit

Feed

Fractionator

GAS + LPG+ H2S

Naphtha

Gasoil

VGO

EST Flow Diagram

Snamprogetti 1919

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R & D and ENGINEERING ACTIVITIES

From May 1999 to presentFrom May 1999 to present

Pilot Plant TestsPilot Plant Tests on various feedstockon various feedstock

Fluid Dynamic StudyFluid Dynamic Study

Erosion / Corrosion TestsErosion / Corrosion Tests

Process and Detailed Engineering Design of Process and Detailed Engineering Design of Commercial Demonstration Plant (CDP)Commercial Demonstration Plant (CDP)

Product Reactivity TestsProduct Reactivity Tests

Snamprogetti 2020

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Snamprogetti 2121

The EST Pilot Plant

« In operation since 1999

« Capacity 0.3 bbl/d

« Several feedstocks processed

« Continuous recycle operation

« No evidence of coke formation

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FEEDSTOCK & PRODUCTS

Snamprogetti 2222

No Coke

GasoilNaphtha DAO

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Characteristics of Different FeedstocksProcessed in the 0.3 bbl/d Pilot Plant

Feedstock Properties Ural ArabianHeavy

Zuata Maya Athabasca

Specific gravity (g/cm3) 1.0043 1.0312 1.029 1.0643 1.0147

°API gravity 9.4 5.7 6.0 1.5 8.0

500°C+ content (wt%) 91 96 95 99 60

H/C 1.494 1.366 1.349 1.333 1.42

Sulphur (wt%) 2.60 5.28 4.24 5.24 4.58

Nitrogen (wt%) 0.69 0.45 0.97 0.81 0.48

Ni and V (ppm) 74 / 242 52 / 170 154 / 697 132 / 866 70 / 186

n-C7 Asphaltenes (wt%) 10.5 19.5 19.7 30.3 12.4

CCR (wt%) 18.9 22.9 22.1 29.3 13.6

Snamprogetti 2323

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Comparative Performance of Different Feedstocks in the 0.3 bbl/d Pilot Plant

Product yields (wt%) Ural ArabianHeavy

Zuata Maya Athabasca

Gas (HC+H2S) 11.5 10.9 15.1 9.9 12.9Naphtha (C5-170°C) 5.8 4.9 14.0 3.9 4.1Gasoil (170-350°C) 32.5 30.6 39.1 26.9 39.1Vacuum Gasoil (350-500°C) 29.8 29.2 23.3 34.9 32.1DAO (500°C+) 20.4 24.4 8.5 24.4 11.8

Upgrading performance% HDS 86 82 86 84 83% HDM > 99 > 99 > 99 > 99 > 99% HDN 54 41 59 52 47% CCR reduction 97 97 98 96 95% Conversion > 99 > 99 > 99 > 99 > 99

Snamprogetti 2424

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Comparison Comparison CrudesCrudes vsvs ESTEST

-27

-48-64 -62.5

5.5 11.8 7.6 5.3

23

31

16.33

33

20

40.5

21

35.6

32

41

22.17

35

9

34.1

15

39.516.8

18.2

12.45

14.4

7

9.6 9.2

0.6 1.8 3.1 2.1

0.51

1.05

1.2

3.7 8.35.14

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ural Ural EST Maya Maya EST Athabasca Athabasca EST Zuata Zuata EST

Case

wt.

%

Vac Res DAO 350÷500 170÷350 C5÷170 C1÷C4 H2S

°API 31,7 S 1,6 wt.% N 0,2 wt.% CCR 4,3 wt.% Ni/V 15/51 wppm

°API 21,5 S 3,4 wt.% N 0,4 wt.% CCR 10,8 wt.% Ni/V 53/277 wppm

°API 8,1 S 4,5 wt.% N 0,4 wt.% CCR 13,1 wt.% Ni/V 72/194 wppm

°API 8,6 S 3,8 wt.% N 0,66 wt.% CCR 14,5 wt.% Ni/V 88/411 wppm

°API 28,4 S 1,4 wt.% N 0,2 wt.% CCR 0,5 wt.% Ni/V < 1 wppm

°API 35,7 S 0,9 wt.% N 0,08 wt.% CCR 0,2 wt.% Ni/V < 1 wppm

°API 23,4 S 1,8 wt.% N 0,2 wt.% CCR 0,6 wt.% Ni/V < 1 wppm

°API 29,7 S 1,3 wt.% N 0,2 wt.% CCR 0,6 wt.% Ni/V < 1 wppm

Snamprogetti 2525

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Yields Comparison

-64

7.620

40.5 49.6 44.29

34.122.6 28.4

7

9.6

9.1 11.3

3.1

1.6

-10.7-14.5

3.8

5.1

2.12.1

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Athabasca Athabasca EST Athabasca EB+ Naphtha & GasoilHDT

Athabasca DC + Naphtha & GasoilHDT + HCGO HDC

Case

wt.

%

Vac Res/Fuel Oil/Coke DAO Cat Feed Gasoil Naphtha LPG + Gas H2S

°API 8,1 S 4,5 wt.% N 0,4 wt.% CCR 13,1 wt.% Ni/V 72/194 wppm

°API 23,4 S 1,8 wt.% N 0,2 wt.% CCR 0,6 wt.% Ni/V < 1 wppmYield 100 wt.%

°API 21,4 S 1,6 wt.% N 0,2 wt.%CCR 0,8 wt. % Ni/V 44 wppmYield 100 wt.%

°API 25,7 S 1,6 wt.% N 0,2 wt.%Liquid Product Yield = 89,3 wt.%Li id P d t

Snamprogetti 2626

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Snamprogetti 2727

EST CDP View

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Estimated Production from Top 9 Countries for 2003 and 2015

9817

8543

7454

3852 3789

3396 3260 2987 2986

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

KB

bl /

d

Saudi Arabia Russia UnitedStates

Iran Mexico China Norway Venezuela Canada

1 2 3 4 5 6 7 8 9

2003

Source: BP World Oil Review, NEB and Lehman Brothers estimates

Snamprogetti 2828

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Estimated Production from Top 9 Countries for 2003 and 2015

8639

7515

6560

5028

3390 33342988 2869

2629

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

KB

bl /

d

Saudi Arabia Russia UnitedStates

Canada Iran Mexico China Norway Venezuela

1 2 3 4 5 6 7 8 9

2015

Source: BP World Oil Review, NEB and Lehman Brothers estimates

Snamprogetti 2929

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Snamprogetti 3030

STUDY OBJECTIVE & APPROACH

To provide updated economics of application of EST technology for the upgrading of Athabasca Oil Sands Bitumen in comparison with other competing upgrading technologies

The merit of implementing an Upgrading Complex based on these technologies has been investigated by conducting a Cash Flow Analysis and by calculating the inherent profitability indexes

Cash Flow projections have been carried out in current US$ (2.5%/y) and unlevered terms (100% Equity Funding)

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Snamprogetti 3131

CRUDE OIL & NATURAL GAS PRICING

Athabasca crude oil (8.1 °API, 4.52 wt.%S) has been valued at 14.7 US$/bbl (year 2010) on the basis of °API value and Sulphur content

Natural gas cost has been taken at 2.9 US$/MBtu(year 2010) at plant battery limits

“TREND 2010”: Refers to a scenario for year 2010 and onwards. Brent crude oil is set at 25 US$/bbl (fob) in year 2010, corresponding to 21.6 US$/bbl in year 2004

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Snamprogetti 3232

STUDY CASES

AthabascaAthabasca Upgrading via EST (EST Case)Upgrading via EST (EST Case)

AthabascaAthabasca Upgrading via Upgrading via EbullatedEbullated Bed (EB Case)Bed (EB Case)

AthabascaAthabasca Upgrading via Delayed Coking (DC Case)Upgrading via Delayed Coking (DC Case)

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Snamprogetti 3333

NAPHTHA(576 T/d)57.2 °API

S. G. = 0.750 S = 0.6 wppmN = 0.7 wppm

LIGHT GASOIL(4,784 T/d)34.6 °API

S. G. = 0.852S = 10 wppmN = 50 wppm

CONVERSION UNIT FEED

(9,799 T/d)14.6 °API

S. G. = 0.968S = 2.5 wt. %N = 2,777 wppmCCR = 1.19 wt. %

FUEL GAS (269 T/d)

FUEL OIL(123 T/d)

Visc. 50°C = 380 cStS = 1.12 wt. %

LPG (251 T/d)

SOLIDS(13 T/d)

DISTILLATIONS

HYDROGEN (Chemical)(233 T/d)

E S TUpgrading

Section

PURGETREATMENT

PACKAGE

SRGO 170÷350 °C

SR LVGO 370÷450 °CSR VGO 450÷540 °C

V.R. 540°C+ PURGE (84 T/d)

EST Case

LIQUID SULPHUR(483 T/d)

Crude Oil(16,114 T/d)

(100,000 BPSD)

S.G. = 1.0136 °API = 8.1 S = 4.52 wt.%N = 0.36 wt.%CCR = 13.12 wt.%Ni = 72 wppmV = 194 wppmNa = 32 wppm

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Crude Oil(16,114 T/d)

(100,000 BPSD)

S.G. = 1.0136 °API = 8.1 S = 4.52 wt.%N = 0.36 wt.%CCR= 13.12 wt.%Ni = 72 wppmV = 194 wppmNa = 32 wppm

NAPHTHA(533 T/d)59.7 °API

S.G. = 0.740S = 0.5 wppmN = 1.0 wppm

FUEL GAS (411 T/d)

FUEL OIL(3,706 T/d)

5.9 °APIS.G. = 1.030S = 1.61 wt.%N = 0.573 wt.%Ni+V = 289 wppm

LPG (105 T/d)

DISTILLATIONS

Ebullated Bed

EB Case

SR HVGO

SR LVGO

HVGO

Snamprogetti 3434

V.R. 540°C+

HYDROGEN (Chemical)(195 T/d)

GASOIL(3,470 T/d)29.3 °API

S.G. = 0.880S = 10 wppmN = 21 wppm

CONVERSION UNIT FEED

(7,553 T/d)15.3 °API

S.G. = 0.964S = 2.53 wt%N = 0.17 wt%

LIQUID SULPHUR(474 T/d)

NaphthaHDT

LGOHDT

SRGO 170÷350 °C

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HCGO HCK

NAPHTHA(1,097 T/d)58.2 °API

S. G. = 0.746S = 1 wppmN = 3 wppm

KEROSENE(334 T/d)34.2 °API

S. G. = 0.854S = 10 wppmN = 1 wppm

FUEL GAS (797 T/d)

COKE(2,727 T/d)

S = 6.82 wt.%N = 1.15 wt.%Ni+V = 1,458 wppm

LPG (158 T/d)

DISTILLATIONS

Delayed Coking

Snamprogetti 3535

V.R. 540 °C+

DC Case

SR HVGO

SR LVGO

HCGO

HYDROGEN (Chemical)(181 T/d)

GASOIL(4,597 T/d)27.5 °API

S. G. = 0.890S = 13 wppmN = 59 wppm

CONVERSION UNIT FEED

(6,184 T/d)16.0 °API

S. G. = 0.959S = 2.97 wt. %N = 0.15 wt. %

LIQUID SULPHUR(358 T/d)

NaphthaHDT

LGOHDT

Crude Oil(16,114 T/d)

(100,000 BPSD)

S.G. = 1.0136 °API = 8.1 S = 4.52 wt.%N = 0.36 wt.%CCR = 13.12 wt.%Ni = 72 wppmV = 194 wppmNa = 32 wppm

SRGO 170÷350 °C

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Snamprogetti 3636

EX-PLANT PRODUCT PRICES(year 2010, current US$)

Product US$/tLPG 247 Naphtha 246 Jet/Kerosene 294 Diesel Oil (< 10 ppm wt S) 276 Conv. Unit Feed (> 2.5 wt.% S) 166 Fuel Oil (<1.0 wt.% S) 121 Sulphur 0 Coke 0

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Snamprogetti 3737

FIXED INVESTMENT COSTS(year 2004 MUS$)

EST EB DCCase Case Case

Process Units (*) 914 917 844 Utilities & Offsites 176 180 205 Power Station 32 35 23 Storage 65 65 64 Export Facilities 10 10 10 Land 3 3 3 FACILITIES COST 1,200 1,210 1,149 Pre-operating Costs 36 30 29 FIXED INVESTMENT COST 1,236 1,240 1,178

(*) Includes royalties and initial catalysts charges

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Snamprogetti 3838

ECONOMIC RESULTS

EST EB DCCase Case Case

IRR of Project Before Tax (%/y) 27.9 18.3 22.0IRR of Project After Tax (%/y) 20.9 13.9 16.6

NPV of Project After Tax (MUS$) 1,430 613 861(@ 8.1%/y, year 2004 values)

NPV/PV Capex 1.36 0.58 0.86(@ 8.1%/y)

Refinery Margin After Tax 5.3 1.1 2.0(@ 8.1%/y, year 2004 US$/bbl)

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Snamprogetti 3939

UPGRADING MARGIN

Values in US$/bbl EST Case EB Case DC Case27.2 23.5 23.3

less:Opex 3.4 3.9 2.9of which gas 0.8 0.7 0.1Capex (@ 8.1%/y) 3.8 3.8 3.7

20.0 15.8 16.7less:

14.7 14.7 14.7

5.3 1.1 2.0UPGRADING MARGIN

Upgraded feed value

Net-back Crude Price

Base Crude Price

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Snamprogetti 4040

ECONOMIC OUTCOMEThe EST economic benefits can be duly evaluated by the return on invested capital: up to 20.9%/y after tax and by the significant NPV close to 1.5 Billion US$ after tax for the “Trend 2010 Oil Scenario” (having considered a 8.1%/y remuneration of capital);

The outlined economic benefits are maintained for a wide range of investment and feedstock cost variation, and to a lesser extent also for the products value;

The sensitivity analysis to natural gas cost (i.e. hydrogen production) shows that EST remains attractive even for a major variation of its cost.

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Snamprogetti 4141

SYSTEM BOUNDARIES

RefineryRefinery StepStep

Alternative CasesRefinery + Ebullated Bed on Vacuum Residue

Refinery + Delayed Coking on Vacuum Residue

Refinery + EST on Vacuum Residue

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REFINERY+ EBULLATED BEDENERGY and MASS MACRO-BALANCES

Production

Middle Distillates = 3,887 kt/y

Refinery Balance Kt/y

INPUT Crude Oil 5,3715,580 Gas 209

OUTPUT Middle Distil. 3,887 5,580 Fuel Oil 1148

Sulphur 158Internal Fuels 225 Losses & adj 162

REFINERY

Distillates3,887 kt

Losses & Adj162 kt

Sulphur158 kt

Internal Fuels225 kt

5,371 kt

Fuel Oil 1,148 kt

EbullatedBedVacuum Residue

2802 kt

Catalysts

279 GWh

Natural Gas

231 Kt

Athabasca Bitumen

Combined CycleNat. gas eff. 53%

40 Kt

209 Kt

22 Kt UTILITY PRODUCTION

AdditionalElectric Power

Snamprogetti 4242

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REFINERY + DELAYED COKING ENERGY and MASS MACRO-BALANCES

Production

Middle Distillates = 4,077 kt/y

Refinery Balance Kt/y

INPUT Crude Oil 5,371

5,541 Gas 170

OUTPUT Middle Distil. 4,077

5,541 Coke 899

Sulphur 118

Intern. Fuels 263

Losses & Adj 184

REFINERYDistillates4,077 kt

Internal Fuels263 kt

Losses & Adj184 kt

Sulphur118 kt

5,371 kt

Coke 899 kt

DelayedCokingVacuum Residue

2802 kt

Catalysts

175 GWh

Natural Gas

150 Kt

Athabasca Bitumen

Combined CycleNat. gas eff. 53%

26 Kt

UTILITY PRODUCTION

20 Kt

170 Kt

243 Kt

AdditionalElectric Power

Snamprogetti 4343

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REFINERY + EST ENERGY and MASS MACRO-BALANCES

Production

Middle Distillates = 5,063 kt/y

Refinery Balance Kt/y

INPUT Crude Oil 5,371 5,590 Gas 219 OUTPUT Middle Distil. 5,063 5,590 Sulphur 159

Internal Fuels 129 Losses & adj 239

REFINERYDistillates5,063 kt

Internal Fuels129 kt

Sulphur159 kt

5,371 ktEST

Vacuum Residue2802 kt

Catalysts

247 GWh

Natural Gas

413 Kt

Athabasca Bitumen

Combined CycleNat. gas eff. 53%

36 Kt

219 Kt

194 KtUTILITY PRODUCTION

AdditionalElectric Power

Losses & Adj239 kt

Snamprogetti 4444

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DISTILLATES PRODUCTION & CRUDE OIL SUMMARYNon Conventional Crude - Canada

Eb. Bed Coking ESTKt/y Kt/y Kt/y

GPL 35 52 83Naphtha 178 362 189Gasoline 98 RON 0 0 0Gasoline 95 RON 0 0 0Naphtha + Gasoline 178 362 189Jet + Kero 0 110 0Gasoil 1157 1515 1572Conversion Unit Feed 2518 2038 3220Total Gasoil 3675 3553 4792

TOTAL DISTILLATES 3888 4077 5064Pet-Coke 0 900 0

Fuel Oil 1123 0 41

CRUDE OIL 5371 5371 5371

Snamprogetti 4545

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Snamprogetti 4646

DISTILLATES YIELDS

Refinery distillates yields (kg Dist/kg Crude) • 100

♦ Upgrading Option Gateout/Gatein

♦ Ebullated Bed 72.4 %

♦ Delayed Coking 75.9 %

♦ EST 94.3 %

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LCA EST Technology – Non-Conventional CrudeUpstream Case - Canada

CO2 Emissions - Gate to Gatekg CO2/ton Dist

0500

100015002000250030003500400045005000

RR + Ebullated Bed (EB) RR + Delayed Coking (DC) RR + EST

kg C

O2/to

n Di

st

Refinery Byproducts Distillates Total

Snamprogetti 4747

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LCA EST Technology – Non-Conventional CrudeUpstream Case - Canada

SO2 Emissions - Gate to GateKg SO2/ton Dist

0

10

20

30

40

50

60

70

RR + Ebullated Bed (EB) RR + Delayed Coking (DC) RR + EST

Kg S

O2/

ton

Dist

Refinery Byproducts Distillates Total

Snamprogetti 4848

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LCA EST Technology – Crude Comparison

Conservative Estimate to include Up-grading

Crude Oil Upgrading - CO2 EmissionsKg CO2/ton Dist

0

1000

2000

3000

4000

5000

6000

EB DC EST EB DC EST

Kg C

O2/

ton

Dis

UpgradingDistil la te sByproductsRe fine ry

Heavy Crude (8,1 °API) Light Crude (34 °API)

API

21.5 API

24.7 API

22.9

API

50.4

API

49.9API

49.1

Conservative Estimate to include Up-grading

Crude Oil Upgrading - CO2 EmissionsKg CO2/ton Dist

0

1000

2000

3000

4000

5000

6000

EB DC EST EB DC EST

Kg C

O2/

ton

Dis

UpgradingDistil la te sByproductsRe fine ry

Heavy Crude (8,1 °API) Light Crude (34 °API)

API

21.5 API

24.7 API

22.9

API

50.4

API

49.9API

49.1

Snamprogetti 4949

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Snamprogetti 5050

The EST Benefits

Total Feedstock Conversion

Outstanding Product Qualities

Total Metals Removal

No Fuel Oil or PetCoke Production

Low Catalyst Consumption

Excellent Feedstock Flexibility

Diesel Oil & Gasoline Meeting Future EU Specs

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Snamprogetti 5151

EST : The Ultimate Solution for Resid Upgrading

Most Profitable Option

Higher Internal Rate of Return

Technologically Proven

Exploitation of Extra-HeavyCrude Oils

Bottom of the BarrelUpgrading

Exploitationof Oil Sands

Bitumen

Commercial Demonstration Plant on-stream within 2Q 2005


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