Houston, November 19, 2008

Purvin & Gertz announces the 2009 release of a new study focusing on bunker and fuel oil markets: Residual Fuel Market Outlook: Impact of Bunker Quality Changes on Marine Fuels & Refining. This timely and comprehensive study is underway and will be completed by the second quarter of 2009. It will present an analysis of the issues, balances and economics of bunker fuel, stationary fuel oil and residual refinery feedstocks.

Study manager Kurt Barrow says, “Emissions limits recently agreed by the International Maritime Organization (IMO) will change bunker fuel qualities and indeed the type of fuel consumed by the regional and global shipping industries. Both refining and shipping companies are puzzling over their role and the costs for meeting new ship emissions requirements. This study endeavors to provide insight into the complex inter-industry issues through a comprehensive analysis.”

Key elements of the study include:
• Scenario analysis associated with scrubber adoption
• Detailed bunker and fuel oil balances by sulfur grade
• Bunker supply economics and pricing in key markets and ports
• Residual and distillate fuel impacts
• Refinery capacity and projects
• Influence on crude differentials

About Purvin & Gertz
Purvin & Gertz is an independent energy consulting firm providing technical, commercial and strategic advice. Purvin & Gertz specializes in serving clients involved in the production, processing, transportation and marketing of oil, natural gas and gas liquids, and petroleum products. Headquartered in Houston, the firm consists of an international network of offices in Buenos Aires, Calgary, Dubai, Long Beach, London, Moscow and Singapore. Purvin & Gertz is an employee-owned consulting company, independent of any parent company, engineering firm, equipment manufacturer or process licensor. Please visit our website at http://www.purvingertz.com for more information. For expert comment contact Kurt Barrow at kabarrow@purvingertz.com or (713) 331.4000.