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Tupras Fuel Oil Upgrading Study Tupras Management Overview

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Page 1: Tupras Study2

Tupras Fuel Oil Upgrading Study

Tupras Management Overview

Page 2: Tupras Study2

Stone & Webster

Offices in UK, Houston, Boston and Toronto

UK Contact - Vince Partington phone +44 1908 602110 fax +44 1908 602366 email [email protected]

Shaw Group purchased S&W in 2000

Shaw is a large piping fabricator and engineering company

Page 3: Tupras Study2

Objectives

Design a Refinery / Petrochemical Complex

Process additional 95 MBPD Arab Light Crude

Process Existing Residue Streams from the Refinery

Produce Diesel / Kero / Chemicals

Produce no extra Gasoline

Page 4: Tupras Study2

Methodology

Cases CASE 1 – VGO FCC ( Base Case - No SDA) CASE 2 – VGO FCC CASE 3 – VGO DCC CASE 4E – VGO CPP (Max Ethylene) CASE 4P – VGO CPP (Max Propylene) CASE 5E – RESID CPP (Max Ethylene) CASE 5P – RESID CPP (Max Propylene) CASE 6 – VGO HCU CASE 7 – VGO HCU + CCR CASE 8 – VGO DCC + CCR CASE 9 – VGO DCC + CCR + ALPHA

Page 5: Tupras Study2

Process Units

CASE 0 CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9

CDU X X X X X X X X X XVDU X X X X - X X X X

NAPHTHA HDS X - - - - - - X X XKERO HDS X X X X X X X X X X

DIESEL HDS X X X X X X X X X XCCR X - - - - - - X X XSDA - X X X - X X X X

FCC FEED HDT X X X X - - - X XARDS - - - - X - - - -FCC X X - - - - - - -DCC - - X - - - - X XCPP - - - X X - - - -

HYDROCRACKER - - - - - X X - -FCC NAPHTHA HDS X X X X X - - X X

BTX X X X X X X X X X XALPHA - - - - - - - - X

STEAM CRACKER X X X X X X X X XH2 PLANT - X X X X X X - -

SULPHUR PLANT X X X X X X X X X X

Modelled in “Refine” and by LP

Page 6: Tupras Study2

CASE 0 HYDROSKIMMING - BTX RECOVERY

Revenue MM$/Year -10

Cost MM$ ISBL 325

Cost MM$ 1,000-1,500

Payback Years Never

40 MBPD

23 MBPD

KERO HDS

DIESEL HDS

CDU

NHT

BTXRECOVERY

ARAB LIGHT

LPG + NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

ATMOS GASOIL

FUEL OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

RAFFINATECCR

LVN

Page 7: Tupras Study2

CASE 1 COMPLEX CONFIGURATION (VGO FCC – NO SDA)

KERO HDS

DIESEL HDS

CDU

VDU

ETHYLENE CRACKER

BTXRECOVERY

VGO HDS

NAPHTHA HDSFCC

40

RECOVERY SYSTEM

ARAB LIGHT

95.0

NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

42.0

ATMOS RESID 12.6

VAC RESID38.0

HVGO HCU BOTTOMS

ATMOS GASOIL

SLURRY OIL

FUEL OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

BUTADIENE

PROPYLENE

ETHYLENE

LCO/DCO

RAFFINATE

PYGAS

C4-

LCNHCN

Revenue MM$/Year 300

Cost MM$ ISBL 1,260

Cost MM$ 2,430

Payback Years 8.172 MBPD

23 MBPD

610 KTA

440 KTA

Page 8: Tupras Study2

CASE 2 COMPLEX CONFIGURATION (VGO FCC)

KERO HDS

DIESEL HDS

CDU

VDU

SDA

ETHYLENE CRACKER

BTXRECOVERY

VGO HDS

NAPHTHA HDSFCC

65

RECOVERY SYSTEM

ARAB LIGHT

NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

ATMOS RESID

VAC RESID

HVGO HCU BOTTOMS

ATMOS GASOIL

SLURRY OIL

FUEL OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

BUTADIENE

PROPYLENE

ETHYLENE

LCO/DCO

RAFFINATE

PYGAS

C4-

LCNHCN

Revenue MM$/Year 390

Cost ISBL 1,600

Cost MM$ 3,119

Payback Years 7.950 MBPD

23 MBPD

730 KTA

570 KTA

Page 9: Tupras Study2

CASE 3 COMPLEX CONFIGURATION (VGO DCC/CPP)

KERO HDS

DIESEL HDS

CDU

VDU

SDA60

ETHYLENE CRACKER

BTXRECOVERY

VGO HDS

NAPHTHA HDSDCC

65

RECOVERY SYSTEM

ARAB LIGHT

NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

ATMOS RESID

VAC RESID

HVGO HCU BOTTOMS

ATMOS GASOIL

SLURRY OIL

FUEL OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

BUTADIENE

PROPYLENE

ETHYLENE

LCO/DCO

RAFFINATE

PYGAS

C4-

LCNHCN

Revenue MM$/Year 570

Cost ISBL 1,600

Cost MM$ 3,134

Payback Years 5.4

42 MBPD

23 MBPD

770 KTA

1,080 KTA

Page 10: Tupras Study2

CASE 6 COMPLEX CONFIGURATION (VGO HCU)

KERO HDS

DIESEL HDS

CDU

VDU

SDA60

ETHYLENE CRACKER

BTXRECOVERYHCU

71

RECOVERY SYSTEM

ARAB LIGHT

NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

ATMOS RESID

VAC RESID

HVGO HCU BOTTOMS

ATMOS GASOIL

SLURRY OIL

FUEL OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

BUTADIENE

PROPYLENE

ETHYLENE

RAFFINATE

PYGAS

NAPHTHA

KERO

DIESEL

HCU BOTTOMS

Revenue MM$/Year 560

Cost MM$ ISBL 1,630

Cost MM$ 3,185

Payback Years 5.6

33 MBPD

50 MBPD

940 KTA

510 KTA

Page 11: Tupras Study2

CASE 5 COMPLEX CONFIGURATION (RESID CPP)

KERO HDS

DIESEL HDS

CDU

ETHYLENE CRACKER

BTXRECOVERY

ARDS

100

NAPHTHA HDSRCPP

110

RECOVERY SYSTEM

ARAB LIGHT

NAPHTHA

KEROSENE

DIESEL

ATMOS RESID

ATMOS RESID

VAC RESID

HVGO HCU BOTTOMS

ATMOS GASOIL

SLURRY OIL

C9+ AROMATICS

XYLENE

TOLUENE

BENZENE

DIESEL

KERO

LPG

BUTADIENE

PROPYLENE

ETHYLENE

LCO/DCO

RAFFINATE

PYGAS

C4-

LCNHCN

Revenue MM$/Year 940

Cost MM$ ISBL 1,900

Cost MM$ 3,679

Payback Years 3.9Zero Fuel Oil

23 MBPD

1,120 KTA

1,740 KTA

Page 12: Tupras Study2

Conclusions

Refinery / Petrochemical Complex is Feasible

Further cases can fine tune the results but the overall pattern will remain

ARDS/CPP has the best payback

CPP and Hydrocracking have a similar payback

FCC is not a cost effective process for Chemicals

Ethylene and Propylene production is world scale

S&W can develop downstream chemical product options

Page 13: Tupras Study2

Other Comments

Tupras Vacuum Residue is too high in Metals to Process in an RFCC without pre-treatment.

Page 14: Tupras Study2

TABLE 3.1 – FEED & PRODUCT PRICES USED FOR THE STUDY

FEEDSSG $/T $/BBL

ARAB LIGHT 0.864 171 23.49ATMOS RESID 0.967 114 17.53

VAC RESID 1.025 79 12.87SLURRY OIL 1.052 163 27.26

HVGO 0.922 166 24.33HCU BOTTOMS 1.052 163 27.26

PRODUCTSSG $/T $/BBL

PROPANE 0.5076 289 23.32BUTANE 0.58 289 26.65

JET / KERO 0.798 234 29.69DIESEL 0.845 222 29.82

3.5% FUEL OIL 0.98 116 18.07ASPHALTS 1.2 122 23.28ETHYLENE 0.347 512 28.25

PROPYLENE 0.523 469 39.00BUTENES 0.61 361 35.01BENZENE 0.885 395 55.58TOLUENE 0.872 333 46.16XYLENE 0.875 350 48.69

C9+ AROMATICS 0.875 180 25.04SULPHUR - 125 -

Page 15: Tupras Study2

Feeds

5.2 EXPLANATION OF THE CASES

For all the cases, the feed streams to the refinery / petrochemical complex is always the same, namely:

Crude (Arab Light) 95,000 BPSDAtmospheric Residue 12,600 BPSDVacuum Residue 38,000 BPSDHVGO 6,500 BPSDSlurry Oil 1,400 BPSDHydrocracker Bottoms 1,600 BPSD

Each of the nine cases has been selected to promote a different operating scenario and aprogressive addition of specialised units. Dependent on what products can be sold mayalter the perception of the importance of some of these cases.

Page 16: Tupras Study2

TABLE 6.1 – SUMMARY OF THE REFINERY PRODUCTS (TPA)

CASE CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9CASE TYPE VGO FCC VGO FCC VGO DCC VGO CPP RSD CPP VGO HCU VGO HCU + VGO DCC + VGO DCC +

(NO SDA) CCR CCR CCR + ALPHAOPERATION - - MAX C3= MAX C2= MAX C3= MAX C2= MAX C3= MAX JET/DSL AROMATICS AROMATICS AROMATICS

ETHYLENE 613,313 732,137 704,005 1,111,818 778,342 1,691,302 1,118,286 941,865 268,908 432,953 419,070PROPYLENE 437,457 571,384 983,232 834,056 1,080,257 1,220,236 1,741,972 512,482 146,324 835,744 840,226

BUTYLENE 401,475 513,113 677,566 401,577 634,051 629,469 925,925 353,039 100,810 575,975 90,220LPG 180,042 235,991 263,618 197,592 239,229 197,229 394,973 375,788 541,185 352,519 511,924

JET/KERO 466,951 466,951 466,951 466,951 466,951 466,951 466,951 1,174,481 1,174,481 466,951 466,951DIESEL 570,482 709,565 709,565 709,565 709,565 554,919 565,216 1,112,236 1,112,236 709,565 709,565

FUEL OIL 3,904,801 2,741,764 2,316,531 2,103,915 2,245,641 0 0 1,780,819 1,780,819 2,316,531 2,316,531

BENZENE 195,699 231,401 183,339 153,496 161,277 179,448 193,680 301,723 235,834 165,807 216,283TOLUENE 102,429 126,301 145,128 102,235 113,443 140,373 160,849 123,875 576,969 361,388 538,297

XYLENE 106,579 137,009 190,615 122,597 140,417 183,458 215,933 92,654 853,508 528,026 653,009C9+ AROMATICS 224,648 304,010 225,768 142,900 164,567 217,053 256,685 96,014 579,927 361,171 443,795

SULPHUR 46,667 82,540 82,222 78,730 81,270 176,190 204,762 99,048 99,683 82,857 82,8577,250,543 6,852,166 6,948,538 6,425,432 6,815,009 5,656,628 6,245,231 6,964,023 7,470,683 7,189,486 7,288,728

ARAB LIGHT 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250 4,567,250ATM RESIDUE 677,976 677,976 677,976 677,976 677,976 677,976 677,976 677,976 677,976 677,976 677,976VAC RESIDUE 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090 2,173,090

HVGO 333,730 333,730 333,730 333,730 333,730 333,730 333,730 333,730 333,730 333,730 333,730CLO 80,547 80,547 80,547 80,547 80,547 80,547 80,547 80,547 80,547 80,547 80,547

HCU BOTTOMS 94,948 94,948 94,948 94,948 94,948 94,948 94,948 94,948 94,948 94,948 94,9487,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541 7,927,541

Page 17: Tupras Study2

TABLE 6.2 – SUMMARY OF THE REFINERY PRODUCTS (BPSD)

CASE CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9CASE TYPE VGO FCC VGO FCC VGO DCC VGO CPP RSD CPP VGO HCU VGO HCU + VGO DCC + VGO DCC +

(NO SDA) CCR CCR CCR + ALPHAOPERATION - - MAX C3= MAX C2= MAX C3= MAX C2= MAX C3= MAX JET/DSL AROMATICS AROMATICS AROMATICS

ETHYLENE 31,764 37,918 36,461 57,582 40,311 87,594 57,917 48,780 13,927 22,423 21,704PROPYLENE 15,032 19,634 33,786 28,660 37,120 41,930 59,858 17,610 5,028 28,718 28,872

BUTYLENE 11,828 15,117 19,962 11,831 18,680 18,545 27,279 10,401 2,970 16,969 2,658C3/C4 5,950 7,799 8,712 6,530 7,906 6,518 13,053 12,419 17,885 11,650 16,918

JET/KERO 10,516 10,516 10,516 10,516 10,516 10,516 10,516 26,450 26,450 10,516 10,516DIESEL 12,133 15,091 15,091 15,091 15,091 11,802 12,021 23,655 23,655 15,091 15,091

FUEL OIL 71,607 50,279 42,481 38,582 41,181 0 0 32,657 32,657 42,481 42,481

BENZENE 3,974 4,699 3,723 3,117 3,275 3,644 3,933 6,127 4,789 3,367 4,392TOLUENE 2,111 2,603 2,991 2,107 2,338 2,893 3,315 2,553 11,891 7,448 11,094

XYLENE 2,189 2,814 3,915 2,518 2,884 3,768 4,435 1,903 17,530 10,845 13,412C9+ AROMATICS 4,614 6,244 4,637 2,935 3,380 4,458 5,272 1,972 11,911 7,418 9,115

SULPHUR 147 260 259 248 256 555 645 312 314 261 261171,718 172,714 182,275 179,469 182,682 191,668 197,599 184,527 168,693 176,926 176,253

ARAB LIGHT 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000ATM RESIDUE 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600 12,600VAC RESIDUE 38,101 38,101 38,101 38,101 38,101 38,101 38,101 38,101 38,101 38,101 38,101

HVGO 6,505 6,505 6,505 6,505 6,505 6,505 6,505 6,505 6,505 6,505 6,505CLO 1,376 1,376 1,376 1,376 1,376 1,376 1,376 1,376 1,376 1,376 1,376

HCU BOTTOMS 1,622 1,622 1,622 1,622 1,622 1,622 1,622 1,622 1,622 1,622 1,622155,204 155,204 155,204 155,204 155,204 155,204 155,204 155,204 155,204 155,204 155,204

Page 18: Tupras Study2

TABLE 6.3 – SUMMARY OF THE REFINERY UNITS AND CAPACITIES (BPSD)

CASE CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9CASE TYPE VGO FCC VGO FCC VGO DCC VGO CPP RSD CPP VGO HCU VGO HCU + VGO DCC + VGO DCC +

(NO SDA) CCR CCR CCR + ALPHAOPERATION - - MAX C3= MAX C2= MAX C3= MAX C2= MAX C3= MAX JET/DSL AROMATICS AROMATICS AROMATICS

CDU 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000VDU 51,086 51,086 51,086 51,086 51,086 - - 51,086 51,086 51,086 51,086

NAPHTHA HDS - - - - - - - - 23,720 7,909 15,549KERO HDS 10,516 10,516 10,516 10,516 10,516 10,516 10,516 10,516 10,516 10,516 10,516

DIESEL HDS 12,120 15,061 15,061 15,061 15,061 9,254 9,254 9,254 9,254 15,061 15,061CCR - - - - - - - - 61,268 36,930 37,649SDA - 60,734 60,734 60,734 60,734 - - 60,734 60,734 60,734 60,734

FCC FEED HDT 42,994 71,071 71,071 71,071 71,071 - - - - 71,071 71,071ARDS - - - - - 98,081 101,620 - - - -

FCC/DCC/CPP 39,972 64,983 64,983 64,983 64,983 107,406 110,571 - - 64,983 64,983HYDROCRACKER - - - - - - - 71,071 71,071 - -

FCC NAPHTHA HDS 26,084 36,979 21,118 11,890 14,303 19,917 24,241 - - 36,928 37,647BTX 39,954 53,301 32,783 22,085 24,883 31,290 36,616 21,834 59,040 38,874 54,804

ALPHA - - - - - - - - - - 7,909STEAM CRACKER 615,721 735,010 706,765 1,116,182 781,410 1,697,957 1,122,676 945,578 269,962 434,659 420,712

H2 PLANT - 5.9 12.8 14.8 14.3 21.5 23.8 122.9 90.7 - -SULPHUR PLANT 147 260 259 248 256 555 655 313 314 261 261

Page 19: Tupras Study2

TABLE 6.4 – SUMMARY OF REFINERY CAPITAL COSTS ($ MILLIONS)

CASE CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9CASE TYPE VGO FCC VGO FCC VGO DCC VGO CPP RSD CPP VGO HDU VGO HDU + VGO DCC + VGO DCC +

(NO SDA) CCR CCR CCR + ALPHAOPERATION - - MAX C3= MAX C2= MAX C3= MAX C2= MAX C3= MAX JET/DSL AROMATICS AROMATICS AROMATICS

CDU 91.1 91.1 91.1 91.1 91.1 91.1 91.1 91.1 91.1 91.1 91.1VDU 44.6 44.6 44.6 44.6 44.6 - - 44.6 44.6 44.6 44.6

NAPHTHA HDS - - - - - - - - 29.0 14.6 22.3KERO HDS 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5 19.5

DIESEL HDS 39.5 45.9 45.9 45.9 45.9 32.8 32.8 32.8 32.8 45.9 45.9CCR - - - - - - - - 139.8 99.3 100.6SDA - 75.3 75.3 75.3 75.3 - - 75.3 75.3 75.3 75.3

FCC FEED HDT 221.0 302.6 302.6 302.6 302.6 - - - - 302.6 302.6ARDS - - - - - 386.3 396.8 - - - -

FCC/DCC/CPP 173.9 227.9 284.4 251.8 275.8 346.5 378.4 - - 284.4 284.4HYDROCRACKER - - - - - - - 429.6 429.6 - -

FCC NAPHTHA HDS 30.8 38.3 27.0 18.8 21.2 26.0 29.4 - - 38.3 38.7BTX 32.1 39.2 27.9 21.2 23.0 27.0 30.2 21.0 42.1 31.5 40.0

ALPHA - - - - - - - - - - 22.2STEAM CRACKER 566.5 639.5 595.1 763.4 621.8 995.8 780.0 767.4 320.7 408.9 276.9

H2 PLANT - 13.0 20.8 22.7 22.2 28.4 30.2 81.0 67.5 - -SULPHUR PLANT 41.1 58.5 58.4 56.8 58.0 93.7 103.8 65.7 65.8 58.7 58.7

ONSITE ISBL ($ MILLION) 1,260 1,596 1,593 1,714 1,601 2,047 1,892 1,628 1,358 1,515 1,423

OFFSITES 693.1 877.6 875.9 942.6 880.6 1125.9 1040.7 895.5 746.8 833.1 782.6BOILER PLANT 315.0 398.9 398.1 428.5 400.3 511.8 473.1 407.0 339.5 378.7 355.7

CONTROL ROOM 151.2 191.5 191.1 205.7 192.1 245.7 227.1 195.4 162.9 181.8 170.7LICENSE FEES 9.1 55.7 60.1 59.6 59.8 44.3 46.3 59.3 68.7 61.2 61.6

TOTAL ($ MILLION) 2,429 3,119 3,118 3,350 3,134 3,975 3,679 3,185 2,676 2,969 2,794

Page 20: Tupras Study2

TABLE 6.5 – SUMMARY OF REFINERY PROFITS ($ 000 / DAY)

CASE CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 CASE 6 CASE 7 CASE 8 CASE 9CASE TYPE VGO FCC VGO FCC VGO DCC VGO CPP RSD CPP VGO HCU VGO HCU + VGO DCC + VGO DCC +

(NO SDA) CCR CCR CCR + ALPHAOPERATION MAX C3= MAX C2= MAX C3= MAX C2= MAX C3= MAX JET/DSL AROMATICS AROMATICS AROMATICS

ETHYLENE 897 1,071 1,030 1,626 1,139 2,474 1,636 1,378 393 633 613PROPYLENE 586 766 1,318 1,118 1,448 1,635 2,334 687 196 1,120 1,126

BUTYLENE 414 529 699 414 654 649 955 364 104 594 93LPG 149 195 218 163 198 163 326 310 447 291 423

JET/KERO 312 312 312 312 312 312 312 785 785 312 312DIESEL 362 450 450 450 450 352 359 705 705 450 450

FUEL OIL 1,294 909 768 697 744 0 0 590 590 768 768BENZENE 221 261 207 173 182 203 219 341 266 187 244TOLUENE 97 120 138 97 108 134 153 118 549 344 512

XYLENE 107 137 191 123 140 183 216 93 854 528 653C9+ AROMATICS 116 156 116 73 85 112 132 49 298 186 228

SULPHUR 18 33 32 31 32 69 81 39 39 33 33Total Product Value 4,573 4,939 5,478 5,279 5,491 6,286 6,722 5,459 5,227 5,446 5,455

ARAB LIGHT 2,231 2,231 2,231 2,231 2,231 2,231 2,231 2,231 2,231 2,231 2,231ATMOS. RESIDUE 221 221 221 221 221 221 221 221 221 221 221

VACUUM RSD 490 490 490 490 490 490 490 490 490 490 490CLO 177 177 177 177 177 177 177 177 177 177 177

HVGO 33 33 33 33 33 33 33 33 33 33 33HCU BOTTOMS 44 44 44 44 44 44 44 44 44 44 44

Total Feed Costs 3,198 3,198 3,198 3,198 3,198 3,198 3,198 3,198 3,198 3,198 3,198GROSS MARGIN 1,375 1,741 2,280 2,081 2,293 3,088 3,524 2,261 2,030 2,248 2,257

UTILITIES 135 135 179 174 189 268 296 153 181 198 202OPERATING MARGIN 1,240 1,606 2,101 1,907 2,104 2,820 3,228 2,108 1,849 2,050 2,055

FIXED COSTS 416 527 526 566 528 676 624 537 448 500 470NET PROFIT ($/DAY) 825 1,080 1,576 1,341 1,576 2,145 2,604 1,571 1,400 1,550 1,585

NET MARGIN ($/BBL FEED) 5.3 7.0 10.2 8.6 10.2 13.8 16.8 10.1 9.0 10.0 10.2

Page 21: Tupras Study2

TABLE 6.6 – SIMPLE ECONOMIC ANALYSIS OF THE CASES

CASE CASE TYPE CASE MODE CAP COST NET PROFIT NET MARGIN PAYBACK RANK($ MILLION) ($ 000/DAY) ($/BBL) (YEARS) (1=BEST)

CASE 1 VGO FCC (NO SDA) - 2,429 825 5.3 8.1 11CASE 2 VGO FCC - 3,119 1,080 7.0 7.9 10CASE 3 VGO DCC MAX C3= 3,118 1,576 10.2 5.4 6

CASE 4E VGO CPP MAX C2= 3,350 1,341 8.6 6.8 9CASE 4P VGO CPP MAX C3= 3,134 1,576 10.2 5.4 7CASE 5E RSD CPP MAX C2= 3,975 2,145 13.8 5.1 3CASE 5P RSD CPP MAX C3= 3,679 2,604 16.8 3.9 1

CASE 6 VGO HCU MAX JET/DSL 3,185 1,571 10.1 5.6 8CASE 7 VGO HCU + CCR AROMATICS 2,676 1,400 9.0 5.2 4CASE 8 VGO DCC + CCR AROMATICS 2,969 1,550 10.0 5.2 5CASE 9 VGO DCC + CCR + ALPHA AROMATICS 2,794 1,585 10.2 4.8 2