...Very limited integration with non-refining business. Good quality reporting without significant failing. Consistent with the average of listed companies in major exchanges. Complex group structure or non transparent ownership structure. Related-party transactions exist but with reasonable economic rationale. Record of failed governance practices. Instability in board membership. Dysfunctional decision- making. At least two larger refineries. Greater than 500,000 with dominant position or good geographic diversification. Moderate exposure to environmental regulations and/or material but manageable remediation costs relative to projected cash flows....
