Now we are busy planning and scheduling a series of upgrades that will see us investing upwards of $300 million over the next three years. Pegged as our Debottlenecking Project, completion of this three-year job scope will increase product flow to our crude and vacuum units, and to our Isomax and sulphur units. Field work is scheduled to commence in May 2009.

On top of all that, we have plans for a major $2 billion refinery expansion that would increase our crude throughput by roughly 75,000 barrels a day, and would enable us to process a more sour crude while increasing our diesel make and practically eliminating our heavy fuel oil production. This multi-billion dollar expansion would also reduce our crude costs since it would enable us to refine a lower cost, heavier crude slate.

This is an excellent project but one that we do not necessarily need to stay competitive. In light of current market conditions, we have elected to defer this project to when financial markets are more supportive.