b'RefineryThe main challenge at the refinery in 2019 was an unplanned shutdown of 3 weeks due to an issue with the catalyst of the ULSD production plant. This resulted in reduced production rates of products; 2.77 MMbbls was realized instead of the planned 2.92 MMbbls.Every 4 years, a planned shutdown or Turn Around (TA) is required of the refinery, mainly for inspection of equipment in order to guarantee the safety and integrity of the plant for the next 4-5 years. The first TA of the refinery started in February 2020.In our refinery operations, we are tuning equipment and systems to take on every challenge and improving control systems.Marketing Our Marketing Division is mainly responsible for the sale and distribution of Staatsolie products to thelocal and regional markets. We supply the local retail market with diesel and gasoline, and industry with different grades fuel oil and diesel. Our bitumen is mainly used locally for the pavement of roads via government contract. In the first half of 2019 we focused on several small changes to the organization and processes of the Marketing Division. The second half of the year was marked by the introduction of the Marketing Asset. This involved combining management structure and organization of the Marketing Division and GOw2. As a positive effect of the International Maritime Organization (IMO) 2020 regulation, Staatsolie was able to start trading on a higher reference posting, thus increasing revenues per barrel. With the initial average spread of more than US$ 25/bbl, this proved to be most essential for Staatsolie in Q4 2019. With the introduction of our own Very Low Sulphur Fuel Oil (VLSFO) we were able to capture and expand on the international bunker market which had a positive effect on our sales margins. IMO 2020 rules that ships on the open sea must, as of January 1, 2020, use bunker fuel with a maximum sulphur content of 0.5%.Other achievements in 2019 included expansion of the ultra-low sulphur diesel storage, successful dredging of the jetty at Tout Lui Faut, preparations for the TA, and reduction of Operational expenses.0.5%the sulphur percentage required by1,693bbls 962,740bblsIMO 2020 regulation and achieved by Ventrin by year end 2019 average unleaded sales/dayunleaded and diesel sales by GOw2 in 2019,by GOw2 in 2019, US$ compared withcompared with 2.5 millionloss recorded by Ventrin in 2019,1,437bbls 855,463bblscompared with a loss of in 2018 in 2018US$ 1.8 million in 201828,489 31% sales target achieved by metric tonsbunker fuel sales in 2019,Suriname retail market is92% GOw2 in 2019 17compared to 24,120 served by GOw2metric tons in 2018'