For more informationabout BlueWave Technology or PipelineClaims, please contact Renata Bellat 866.927.9981 or ia Contact:Jennifer Overhulse-KingSt. Nick Media Services859-803-6597Email ContactCopyright 2009, Market Wire, All rights reserved.-0-. (Adds details, background, comments from CFO, paragraphs 3-9) Stocks HOUSTON, June 3 (Reuters) – LyondellBasell said its Houstonrefinery ran at 287,000 barrels per day in April, according toslides on the company’s website prepared for conference call todiscuss financial results for that month. Lyondell also said the Houston refining operation facedpoor discounts for historically cheaper heavy crude oils and adepressed price spread for distillates in April. “Refinery margins have been an area of weakness,” ChiefFinancial Officer Alan Bigman said in a conference call. If that weakness continues, the company’s fuels productionsegment would “expect to fall behind operating forecasts in thecoming months,” Bigman said. Chief Operating Officer Ed Dineen offered no explanationfor the refinery’s crude throughput in April, which is 16,400bpd beyond the faceplate capacity of 270,600 bpd listed by theU.S Energy Information Administration.
Dineen also said the refinery was running at 200,000 bpdbecause of the shutdown of an SRU. Nearly 80 affiliates of LyondellBasell, including its U.S.operations, filed for Chapter 11 bankruptcy protection inJanuary. Before the bankruptcy, Lyondell was the world’sthird-largest maker of petroleum products. Several refiners have said the recession continues to crushU.S. motor fuel demand and their expectations for financialresults On Tuesday, leading U.S. refiner Valero Energy Corp (VLO.N)warned that it expected to lose 50 cents per share in thesecond quarter, missing analyst expectations of a 69-centper-share profit.
(Reporting by Erwin Seba; Editing by David Gregorio) Stocks. Minera Andes announces delivery of earn-in notice under option agreement atLos Azules Copper ProjectTSX: MAINASD-OTCBB: MNEAFSPOKANE, WA, June 3 /PRNewswire-FirstCall/ – Minera Andes Inc. (the”Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) is pleased toannounce the earn-in notice has been delivered to exercise its option toacquire a 100 percent interest in the Los Azules Copper Project (the”Project”) located in the San Juan Province of western central Argentina,subject to the right of Xstrata Copper to back-in to the Project for a 51%interest. The notice was delivered pursuant to the Los Azules Option Agreementbetween Minera Andes and certain of its subsidiaries and Xstrata Copper, oneof the commodity business units within Xstrata plc (London Stock Exchange:XTA.L and Zurich Stock Exchange: XTRZn.S), and its subsidiary, on the Project.By Minera Andes exercising its earn-in option on May 29, 2009, Xstrata Copperhas 90 days to notify Minera Andes whether it intends to exercise its right toback-in to the Project for a 51% interest (the “Back-in Right”) under the LosAzules Option Agreement. After delivery of such back-in notice, in order tocomplete the Back-in Right, Xstrata Copper must pay to a subsidiary of MineraAndes within 90 days after delivery of such notice 300% of the directexpenditures incurred by Minera Andes and its affiliates on the Project areasince November 25, 2005, and assume operational control and responsibility ofthe Project within 120 days of such notice.
