b'STAATSOLIE POWER COMPANY SURINAME N.V. VENTRIN PETROLEUM COMPANY LTD.Staatsolie Power Company Suriname (SPCS)Ventrin is Staatsolies Trinidad-based bunkering operates a thermal power plant that deliverscompany. Bunkering entails selling fuel to local electricityandsteamtotheStaatsolierefinery and international ships from storage tanks and and electricity to the Paramaribo grid.pipelines at Point Lisas. Fiscal 2018 was again a challenging year for Ventrin. The company SPCS delivered 350,178 MWh to the publicrecorded a loss of US$ 1.8 million compared to grid in 2018, a 4.5% increase from the priorUS$ 3 million in 2017. The shore-based operations year,and88,299MWhtotherefinery,a2.4% restarted in March 2018. Also, some spot barge decreasefrom2017duetofluctuatingrefinery deliveries were made. Sales in 2018 were 24,120 loads and downtimes. Overall, total powermetric ton compared to 98,579 metric ton in generation increased 3% in 2018 from 2017.2017. An important market change was that The production represents 64.4% of the installedPetrotrin terminated its operations. However, other annual generating capacity of 680,000 MWh. Thecompetitors entered the bunker market of Trinidad. processsteamdeliveredtotherefineryrosefrom Ventrin, together with Staatsolie, is preparing for 26,042 tons in 2017 to 70,245 tons in 2018.the IMO 2020 regulation, which stipulates that The continuous effort to increase the reliabilitybunker fuels should not have a sulfur percentage paid off with a reduction in the unplanned enginehigher than 0.5%. shutdowns of 33%.In2018,SPCSwascertifiedtobeinaccordance PEOPLE, COMMUNITY & ENVIRONMENTwith the ISO 9001:2015 quality management standard, demonstrating our commitment toPEOPLEdelivering power and steam with consistent quality, customer satisfaction and continuousIn 2018, we continued our program to embed a improvement. culture of ownership, personal responsibility and cost management throughout our company. We GOw2 ENERGY SURINAME N.V. are striving to see our core values, such as safety, integrity, respect, excellence and accountability, VOLUMES IN BBLS embodied in all our corporate activities.2018 2017 One key people initiative, succession planning, saw marked progress in 2018, with all critical Unleaded and855,463911,007 positions now having at least one successor diesel salesidentified.Successorsundergotraining,coachingand education to prepare them to assume vital Average unleaded1,437 1,785roles and responsibilities when called upon.sales/day Average dieselTo improve our abilities to support the success sales/day1,345 1,252of all of our people, we are implementing SAP Success Factors for Human Resources, targeting a full roll out of recommended HR best practices GOw2 PERFORMANCE in 2019.GOw2 service stations provide StaatsolieHSEQpresence in the domestic retail market. TheOne of Staatsolies core values is to put health and premium gasoline and diesel produced by thesafetyfirst,strivingforzeroharmtoourpeople,Staatsolierefineryforthelocalmarketissold our contractors and to the communities around mainly through GOw2.us. To realize this aspiration, appropriate national GOw2 maintained its share of the Surinameseand international industry standards and practices retailmarketin2018andsawasignificant are implemented and projects are carried out in increase in lubricants and diesel volumes sold toaccordance with Health, Safety & Environmental the commercial and industrial segment. (HSE) guidelines, rules and regulations.In 2018, GOw2 began its SAP implementation,In 2018, we began implementing our integrated with plans to go live in 2019, in order to alignHSEQ management system. To motivate action, with other Staatsolie corporate systems and towe made our safety observation process a leading increaseefficiencywithinthesubsidiary. HSE key performance indicator in our performance reward system.Demonstrating its commitment to quality, GOw2 alsoreceivedcertificationforcomplyingwiththeISO 9001:2015 standard in 2018.15'