JPMorgan - KASE

The following table sets out the source of feedstock supplies for our refinery:
Nine Months Ended
September 30, 2002
(MMbbls)
Nine Months Ended
September 30, 2001
(MMbbls)
AcquiredfromHKM................................. 12.51 9.18
Purchased from joint ventures (100%) ................. 6.11 6.73
Purchased from third parties ......................... — 0.36
Totalfeedstockacquired............................. 18.62 16.27
The following table sets out the source of inventory levels of feedstock:
Nine Months Ended
September 30, 2002
(MMbbls)
Nine Months Ended
September 30, 2001
(MMbbls)
Opening inventory of crude oil feedstock .............. 0.34 0.08
Purchase and acquisition of feedstock ................. 18.62 16.27
Recoverable feedstock from traps ..................... 0.04 0.02
Feedstock sold for export ............................ — (0.15)
Feedstock refined into product ....................... (18.92) (16.08)
Closing inventory of feedstock ........................ 0.08 0.14
The following table sets out the movement in inventory of refined product:
Nine Months Ended
September 30, 2002
(MM tonnes)*
Nine Months Ended
September 30, 2001
(MM tonnes)*
Opening inventory of refined product ................. 0.21 0.13
Refined product from feedstock ...................... 2.29 1.96
Refined product acquired ............................ 0.09 0.08
Refined product sold ................................ (2.44) (2.03)
Refined product internal use and yield losses ........... (0.02) (0.02)
Closing inventory of refined product .................. 0.13 0.12
* The inventory of products represents a mix of products for which no unique conversion from barrels to tonnes exists. The
standard conversion used for crude oil by us is 7.746 Bbls to the tonne.
The crude oil feedstock is refined into a number of products sold as refined products. Refined
product sales revenue for the nine months ended September 30, 2002 was $240.5 million and
$264.8 million for the comparable period in 2001. The decrease was primarily attributable to
lower prices on average for refined products. The following table sets out product produced for
the nine months ended September 30, 2002 and 2001, the average price achieved and total
refined products revenue:
Product Produced
Amount
Sold
Nine Months Ended
September 30, 2002
Average
Price
Revenue
Amount
Sold
Nine Months Ended
September 30, 2001
Average
Price
Revenue
(Tonnes) ($/tonne) ($000’s) (Tonnes) ($/tonne) ($000’s)
Gasoline ..................... 571,753 134.80 77,075 453,923 205.49 93,277
Diesel........................ 760,029 117.85 89,569 819,848 82.35 67,511
Heavy fuel oil (Mazut) ......... 786,785 39.96 31,443 270,879 53.70 14,545
LPG ......................... 86,607 74.88 6,485 386,834 181.83 70,338
Jetfuel ...................... 142,241 213.87 30,421 38,652 234.71 9,072
Totalselfrefined .............. 2,347,415 100.11 234,993 1,970,136 129.30 254,743
Resale of purchased refined
products ................... 89,025 61.59 5,483 69,628 144.07 10,031
Total refined product sales ..... 2,436,440 98.70 240,476 2,039,764 129.81 264,774
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