Press Release January 24 2012

Preem streamlining refining operations

Preem has today initiated negotiations with the unions to reduce operating costs and improve efficiency in the Refining business unit. Preem plans to reduce approximately 130 positions. This is in line with its ongoing program to review its cost basis and seek ways to improve production efficiency. The reduction represents approximately 10 % of the total number of positions within the company. The cost reductions will primarily be achieved at Preemraff Gothenburg but also Preemraff Lysekil will be impacted plus related staff functions.

"Maintaining a competitive cost structure is a key factor when defining the operating performance of a refiner. The initiative will support Preem’s position as a leading European refining company," says Michael G:son Löw, President and CEO of Preem.

For further information, please contact:
Magnus Heimburg, Chief Financial Officer
Office: +46 10 450 10 44
Email: magnus.heimburg@preem.se