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To: Road Walker who wrote (177230)	3/6/2004 1:38:57 PM
From: Logain Ablar	Respond to of 186894

The short answer is environmental issues. 1) To obtain necessary permits is close to impossible, so companies haven't tried in years. The up front costs are to high when the odds don't favor approval. There was a new refinery built somewhere near or in the Cayman Islands in 1990ish time frame. 2) You don't even see the sale of a refinery due to EPA rules (requiring upgrades to new standards, i think so there is a lack of buyers). Also superfund issues here as well. There was one sale in LA back in 98 time frame (remember when oil was under $15). I think this was a bankfupcy related sale where the buyer obtained waivers to some of the epa requirements.