REFINERIA SAN LORENZO, S.A.

completed

Summary Of Project Information (SPI)Project NameArgentina-Refineria San Lorenzo S.A. (REFISAN)     RegionLatin AmericaSectorProject No005137Projected Board DateJanuary 15, 1996Company NameRefineria San Lorenzo, S.A. Technical Partner and/or Major Shareholders REFISAN’s shareholders are: (i)Perez Companc, S.A.(42.5%) and one of its affiliates, Petroquimica Argentina S.A. (PASA) (15%); and Compania General de Combustible (CGC) (42.5%). All these companies are involved in the sale and distribution of petroleum products.Project Cost Including proposed IFC investment The proposed project is due to be completed in July 1997 at a cost currently estimated at US$86.6 million. IFC’s proposed financing consists of $50 million of which $30 million is for the account of participating banks.     Location of project and Description of site City of San Lorenzo, Santa Fe province, Argentina.     Description of Company and Purpose of Project REFISAN was incorporated in March 31, 1993 following its privatization sale from YPF. The facilities have been in operation since the late 30’s with original design capacity of 32,000 barrels per day, focusing essentially on fuel oil, using domestic feedstock. The project will increase the company’s designed capacity to 42,000 barrels per day and reorient its product slate to produce more transportation fuel with greater value-added. The project will therefore improve the overall economics of the refinery at minimum capital cost. The refinery will supply competitively priced transportation fuels to the northern part of Argentina. In addition, the project includes investment for Refisan to develop its own distribution channel. This will help provide employment opportunities in the region. Finally, the project will help strengthen actions to improve on-going environmental standards at the refinery site.Environmental Category and Issues This is a category B project according to IFC’s environmental review procedure. Environmental issues involve air emissions, liquid effluent, solid waste disposal, general housekeeping, and general health and safety, and old site contamination. On behalf of REFISAN’s new owners, an independent consultant has prepared an environmental audit on Refisan’s facilities, and has recommended that actions on technical and housekeeping issues be taken to bring the operations into compliance with local regulations and the World Bank environmental policies and guidelines. A corrective action plan covering these recommendations, as well as actions to clearly define the extent of the old site contamination will be carried out by the Company and monitored by IFC during the project implementation. The is December 20, 1995 from the Public Information Center.Date SPI sent to PIC December 12, 1995For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).