b'FINANCIAL AND OPERATIONAL PERFORMANCE 2019Power & RenewablesIn 2019, Staatsolie established a new directorate of Power & Renewables, reflecting the diversification of the Staatsolie portfolio with the addition of electricity production from renewable sources. Acquisition of the Afobaka Hydroelectric Facility by the Government of Suriname and subsequent transfer of ownership to Staatsolie Power Company Suriname N.V. (SPCS), made the diversification effective on January 1, 2020. SPCS now as operator of a thermal power plant and a hydroelectric facility delivers 75% of the electricity for the main grid of Suriname, while providing secure power and process steam to the Staatsolie refinery.2019 KEY FOCUS 2020 KEY FOCUS Increase thermalIncorporate the renewable energy generating capacity. of Afobaka into Staatsolies power generation services. Develop opportunities to expand our renewable base for electricity generation.Staatsolie is in the best position to take the leading rolein the further development of renewables in our country wehaveaccesstotheresources,includingfinancialthat derive from our work in the oil business.Eddy FrnkelPower & Renewables Deputy Director The Power of SPCSThrough our subsidiary Staatsolie Power Company Suriname (SPCS), Staatsolie owns and operates a thermal power plant with a production capacity of 96 megawatts. The thermal plant is equipped with co-generation with six exhaust gas heat recovery boilers that generate process steam. Twelve percent of the generated electricity and all the process steam are supplied to the Staatsolie refinery. Our power generation activities are an important component of our overall business. First, we serve as a secure source of power to our refinery. Second, thermal generation has been a value add, as converting our own bottom of the barrel fuel oil to electricity has produced a higher return than selling the heavy fuel.75% tons39,229 of the electricity inSuriname will be delivered18% process steam delivered to the by Staatsolie in 2020, Staatsolie refinery in 2019 with the addition of Afobaka power plant capacityincrease in thermal generating output in 2019 by SPCS20 STAATSOLIE 2019 ANNUAL REPORT'