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Propane for Power Generation

December 12, 2013

Vitol

Vitol is the largest independent physical trader in the oil and oil products market

and a provider of procurement, storage, processing and transportation services of oil

related commodities. In 2012 we shipped nearly 260m tonnes of crude oil and product and

we had revenues of $303 bn.

Founded in 1966, the company has nearly 3,500 employees worldwide in trading,

upstream and terminals operations. Main offices are located in Geneva / Houston /

Singapore / London / Rotterdam .

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Vitol is one of the largest international LPG traders. Our refrigerated long-haul

business trades and moves in excess of 5 m tonnes of LPG per year covering each of the

major global LPG markets, including Middle East, Asia, Europe, Latin America and the

Caribbean.

In the Caribbean, Vitol is currently developing a conversion to propane project for the

Water and Power Authority in the US Virgin Islands. The project entails the supply of

propane in conjunction with the design, construction and operation of the required

infrastructure necessary to receive, store, vaporize, measure and deliver LPG in vaporized

form to the inlet of each power turbine on the Islands of St Thomas and St Croix. Vitol is

also managing the conversion of the turbines done by General Electric.

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Project Overview

July 2013, WAPA signed a turnkey master agreement with Vitol

Virgin Islands Corp. (Vitol) for infrastructure construction, supply,

and St. Croix

Vitol is responsible for engineering, procurement, construction (EPC), and commissioning of the projects

Total project cost is approximately $91 million

To date, Vitol has committed approximately 54% of the project budget

All upfront costs are paid by Vitol. WAPA repays Vitol over 7 year amortization (option to repay in 5 years)

All-in cost will result in approximately 30% reduction in fuel costs

Will reduce NOx, SOx, and CO2 emissions

Target completion: 4th quarter of 2014

Health, Safety, and Security Considerations

Facilities carefully designed to ensure health, safety, and protection

Best available safety and control technology

Employees will be fully trained on the operation and maintenance of the converted units, including all safety and hazard awareness required for the handling and use of propane

Coordination with local fire service and other first responders for awareness and input

VITEMA, with U.S. Department of Homeland Security, will conduct vulnerability assessment to ensure compliance with applicable federal and local mandates

Advanced safety and security drills will be conducted with WAPA and local emergency response organizations

VI Port Authority marine pilots have simulated navigation of feeder vessels to ensure safety of marine operations

Fire Safety Measures

WAPA is evaluating and developing a

comprehensive approach to overall fire

protection at the plant sites.

Comprehensive Fire Risk Assessment and

Hazardous Area Classifications have been

conducted

Emergency Response Plans for each

facility; all existing applicable plans will be

updated

Fire

propane project will have 100% redundancy

Firefighting systems for the facilities will be

National Fire Protection Association (NFPA)

will suppress a leak or flame. (see photos)

Facilities will be equipped with gas

monitoring and leak detection systems

Propane Storage Tanks

S - encased by layers of earth, sand, rock and gravel to maximize safety.

The benefits of mounded tanks include:

Significant protective barrier from external damage and fire

Elimination of oxygen, preventing uncontrolled ignition

Additional earthquake and hurricane protection

Rendition of St. Croix onshore terminal Mounded storage tanks in New Zealand