Refineries. The refineries (including onsite terminals) identified on Schedule 2.1(a) to the Marathon Asset Transfer and Contribution Agreement Disclosure Letter (the “Marathon Refineries”), including all Marathon Real Property Owned, Marathon Real Property Leased, Marathon Personal Property Owned and Marathon Personal Property Leased which constitutes, or is used or held for use primarily in or related primarily to the operation or conduct of the foregoing, and any additions, improvements, replacements and alterations thereto made as permitted by the terms of this Agreement and the Master Formation Agreement between the date of this Agreement and the Closing Date.
Refineries. The refineries (including onsite terminals) identified on Schedule 3.1(a) to the Ashland Asset Transfer and Contribution Agreement Disclosure Letter (the “Ashland Refineries”), including all Ashland Real Property Owned, Ashland Real Property Leased, Ashland Personal Property Owned and Ashland Personal Property Leased which constitutes, or is used or held for use primarily in or related primarily to the operation or conduct of the foregoing, and any additions, improvements, replacements and alterations thereto made as permitted by the terms of this Agreement and the Master Formation Agreement between the date of this Agreement and the Closing Date.
Refineries. The refining sector accounts for approximately 3.5% of total GHG emissions in the EU (EUTL, table 1). GHG emissions from refining activities arise from the following sources11: - Direct combustion (85% of emissions) o Fluid Catalytic Cracking (FCC) Coke on Catalyst o Other fuels - Indirect energy - Hydrogen generation - Flare loss - Methane The vast majority of emissions arise from fuel combustion. As such, focusing on replacing these fuel combustion emissions represents the primary challenge. While there are various efficiency improvements envisioned that could reduce emissions, the potential of such measures (which include electrification of rotating machines, recovery of low-grade heat, improved energy management systems) is limited (FuelsEurope, 2018). Some of these emissions are process emissions which are hard to avoid. Improvements to catalytic convertors (the main source of process emissions) and CCS enable deeper decarbonisation. Hydrogen produced through electrolysis could serve as an alternative feedstock, as would bio-feedstocks which could moreover allow for negative emissions (an example of BECCS). Even if demand for refined oil products (fuels) may come under pressure in Europe due to the strong expected growth of electric vehicles there, fuel demand in other parts of the world will remain high, as well as demand for fuels used in aviation and maritime transport. It is noteworthy that catalytic reactors have been the beneficiary of public R&D investment totalling 13 million euros in the 2008-2014 period. Technologies to be supported thus include CCS and hydrogen, which have potential positive spill-over effects and should be prioritized for technology support in the future. Additionally, further catalytic reactor improvements can address the process emissions which are otherwise difficult to tackle and may have positive spill-overs for the chemical industry.
