In December, KBC was awarded a new three-year software contract with Petróleo Brasileiro S.A. (Petrobras) for the licensing of our refinery simulation software, Petro-SIM™. The contract encompasses KBC's state-of-the-art reactor models, the Petro-SIM engineering flowsheet, and support for the development of models. The scope includes all of Petrobras' domestic refineries, certain international sites, and head office operations in Rio de Janeiro. This represents the upgrading to the latest technology of simulation software provided to Petrobras during the first half of the decade when KBC performed several large profit improvement projects. Petrobras continues to upgrade its existing refining capabilities as well as focus on construction of new capacity to meet domestic demand as well as capture export market opportunities. Emerging market refineries will continue to influence the export markets and, thus, a focus on maintaining globally competitive operating cost structures is a priority. Our Petro-SIM product is recognised in the sector as one of the leading refinery process simulation packages, and it is used both by clients and KBC consultants in the execution of capital and operating solutions projects.