PRE-FEED activities

• Configuration of the Refinery – Completed
• Financial Model to confirm Refinery Configuration – Ongoing and to be completed end of Nov 2022
• Selection of Licensor – Ongoing and to be completed by end of Nov 2022

FEED activities

• FEED to be kicked off immediately after completion of pre-FEED phase, FEED contract between TCM and ARPHL already signed (TCM will execute FEED in partnership with NETCO).

EPC

• ARPHL and TCM have signed MOU for the EPC phase, subject to Final Investment Decision from ARPHL’s equity partners
• TCM is currently executing EPC contract for rehabilitation of PHC refinery (same location where ARPHL will be located) with consequent optimization for execution of the ARPHL 100,000 barrel/day greenfield refinery

O&M

• TCM to be O&M contractor