Case Study Khuzestan Oil Refinery Due Diligence Report

3rd Party Due Diligence

During the project development and basic engineering design phases for a refinery project that GSAe
were supporting, the crude and refined product markets altered significantly from that encountered when the economic case for the project was developed.

To further support the project, and after completion of all of the different BEP activities GSAe were asked
to produce a Due Diligence Report which included a Feasibility Study and Business Plan.

Scope of work included:

• • Product Market Analysis

• • Site Evaluation

• • Technical Overview of Project

• • Capex / Opex Estimation

• • Financial Analysis & Risk

• • Project Management Strategy

• • Business Risk Analysis

Despite having been involved in the FEED activities, GSAe were suitably qualified in this case as we were
not part of the EPC supply and therefore would not suffer from any conflicts of interest.

Commercially viable, environmentally sustainable, Metals Recovery Technology Licensors