...Partially integrated with upstream, midstream or petrochemicals. Independent status. Integration with strong fuel distribution network. Good quality reporting without significant failing. Consistent with the average of listed companies in major exchanges. Some group complexity leading to somewhat less transparent accounting statements. No significant related-party transactions. Experienced board exercising effective check and balances. Ownership can be concentrated among several shareholders. 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....
