Document:

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                                                                   EXHIBIT 10.7

Scanraff Shareholders' Agreement, dated as of May 20, 1999, by and between
    Preem Petroleum AB, Hydro R&M Holding AS, and Skandinaviska Raffinaderi
    Aktiebolaget Scanraff

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             SKANDINAVISKA RAFFINADERI AKTIEBOLAGET SCANRAFF

                       SHAREHOLDERS' AGREEMENT

                                  Among

                            Preem Petroleum AB

                         Hydro R & M Holding a.s.

               Skandinaviska Raffinaderi Aktiebolaget Scanraff

                           Dated May 20, 1999

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             SKANDINAVISKA RAFFINADERI AKTIEBOLAGET SCANRAFF

                       SHAREHOLDERS' AGREEMENT

This is an AGREEMENT dated as of May 20, 1999 among Preem Petroleum AB
(herein called "Preem"), Hydro R & M Holding a.s. (herein called "Hydro"),
Preem and Hydro sometimes individually called a "Shareholder" and
collectively called the "Shareholders", and Skandinaviska Raffinaderi
Aktiebolaget Scanraff (herein called "Scanraff").

                              WITNESSETH:

WHEREAS, after various assignments and transfers Preem owns 1,570,350 shares
and Hydro owns 429,650 shares of class A stock of Scanraff;

WHEREAS, in a separate document dated as of May 20, 1999 Preem, Hydro, Norsk
Hydro ASA, Svenska Oljegrossister AB (formerly Texaco Oil AB), OK
Marknadsservice AB, as successor to Oljekonsumenternas forbund, ekonomisk
forening and Scanraff have agreed that the Shareholders' Agreement by and
between them dated as of June 30, 1986 shall be terminated.

NOW, THEREFORE each Shareholder agrees with the other Shareholder and
Scanraff agrees with both Shareholders as follows:

                              PART ONE:

                  SUBJECT MATTER OF THIS AGREEMENT:
                 DEFINITION AND RULES OF CONSTRUCTION

1.1  SUBJECT MATTER. The subject matter of this Agreement is the petroleum
     refinery owned by Scanraff and located on the Lyse Peninsula in Bohuslan,
     north of Lysekil, Sweden, having an authorized capacity to refine ten
     million (10,000,000) metric tons of crude oil per annum.

1.2  DEFINITIONS. For purposes of this Agreement, except as otherwise expressly
     provided or unless the context otherwise requires, the terms defined in
     this Article 1.2 have the meaning herein assigned to them, the capitalized
     terms defined in the Recitals and subsequent Articles by inclusion in
     quotation marks and parentheses have the meaning so ascribed to them.

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"Affiliate", with respect to any Shareholder, means:

(i)  any other Person which beneficially owns, directly or indirectly, all
     of such Shareholder's voting stock, or

(ii) any other Person all of the voting stock of which is beneficially
     owned, directly or indirectly, either by such Shareholder or by an
     Affiliate of such Shareholder as defined in the preceding clause (i).

"Board of Directors" means the Board of Directors of Scanraff.

"By-Laws" means the duly registered By-Laws of Scanraff as in effect from
time to time.

"Managing Director" means the managing director of Scanraff.

"Person" means any individual, corporation, partnership, joint venture,
trust, estate, unincorporated organization, cooperative, or government or any
agency or political subdivision thereof.

"Processing Agreement" means the Processing Agreement of even date herewith
among Preem, Hydro and Scanraff.

"Processing Rights" means the rights of a Shareholder to process its
percentage of capacity of crude oils and feedstocks through the Refinery as
provided for in the Processing Agreement.

"Refinery" means the petroleum refinery and related facilities owned by
Scanraff which is the subject matter of this Agreement as the same may exist
from time to time during the term of this Agreement.

"Share" means a share of One Hundred (100) Kronor per value capital stock of
Scanraff.

"Share Percentage" as applied to each Shareholder means that percentage of
all the Shares at any time issued and outstanding which is owned by such
Shareholder at the time the definition is applied (except that if two (2) or
more Shareholders are Affiliates, their respective percentages as aforesaid
shall be combined, and they shall be treated as a single Shareholder for
purposes of this Agreement).

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     "Shareholder" means, at the time the definition is applied, the owner of
     one or more issued and outstanding Shares (subject to the definition of
     Share Percentage).

1.3  RULES OF CONSTRUCTION. For purposes of this Agreement, unless the
     context otherwise requires, (i) all terms defined herein include the plural
     as well as the singular and (ii) reference to any Person include successors
     of such Person by consolidation, merger and transfer. Reference to Parts
     and Articles are, unless otherwise specified, to Parts and Articles of this
     Agreement. References to any other agreement or other instrument shall,
     unless the context otherwise requires, or the definition thereof otherwise
     specifies, be deemed reference to the same as it may from time to time be
     changed, amended or extended in accordance with its terms and such other
     agreement or instrument when referred to shall be deemed to be
     incorporated herein by reference. Neither of the captions to Parts,
     Articles or Subdivisions thereof, nor the Index shall be deemed to be a
     part of this Agreement.

                                       PART TWO:

                        SHAREHOLDINGS, RIGHTS OF SHAREHOLDERS
                             AND FINANCIAL OBLIGATIONS

2.1  SHAREHOLDERS AND SHARE PERCENTAGES. The Shareholders and their Share
     Percentages are as follows:

     Preem:   Seventy-eight and five thousand       (78.5175 %)
              one hundred and seventy-five
              one ten thousandth percent

     Hydro:   Twenty-one and four thousand          (21.4825 %)
              eight hundred and twenty-five
              one ten thousandth percent

2.2  TRANSFERABILITY OF SHARES BY SHAREHOLDERS.

     (a)   Except as provided in Article 2.2 (c) no Shareholder may assign,
           sell or otherwise transfer any Shares held by it or any other
           interest in or obligation under this Agreement without the prior
           written consent of all of the Shareholders, unless such transfer is
           made to an Affiliate. Such consent to assign, sell or otherwise
           transfer Shares shall be given unless the new Shareholder is,
           according to reasonable standards, commercially unacceptable.
           The Shareholders whose consent to transfer is being sought
           shall respond within 3 weeks after such request was received,
           provided, however, that such Shareholders may consent to the

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           transfer subject to the observance of the procedures applicable
           to transfers as specified below.

           If at any time during the term of this Agreement, a Shareholder
           desires to sell a Share other than to an Affiliate, he shall
           offer the other Shareholders to purchase the Share. Such offer
           shall be made by written notice which shall specify the number of
           Shares to be transferred, the price per Share and other terms of
           the transfer. If an agreement with a third party has been entered
           into, the name of such party shall be disclosed. The notice may
           request those who wish to exercise their option, to notify in
           writing the offering Shareholder hereof within two months from
           the day they were notified by such Shareholder.

           An exercise of rights to purchase hereunder must be made with
           respect to all the Shares offered. If an offer has been made for
           the shares in Scanraff and Skandinaviska Kracker Aktiebolaget
           Scancracker all such shares in both companies must be purchased.
           The provisions of this paragraph shall also apply when a
           Shareholder in only one of those companies has received an offer
           to purchase Shares in both companies. If more than one
           Shareholder exercises an option to purchase Shares, the Shares so
           offered shall be allocated between the Shareholders exercising
           their rights to purchase in proportion to the Shares they already
           own.

           The option price and other terms and conditions shall be as
           stated in the notice. If a Shareholder cannot accept this
           purchase price such Shareholder may request that an arbitration
           panel shall decide the fair market value of the Shares. The
           arbitration proceedings shall follow the procedures of Article
           7.3. Such arbitration panel shall be appointed within three weeks
           after receipt of the offering notice and the panel shall be
           requested to conclude the proceedings and to render their award
           within five weeks thereafter.

           An offering Shareholder may at any time before signature of a
           final transfer agreement with Shareholders who have exercised
           their options hereunder, withdraw from his offer, provided,
           however, that he shall reimburse the other Shareholder for all
           external costs incurred in exercising their option and provided
           further that any agreement for a transfer of Shares made between
           the offering Shareholder and a third party shall also be deemed
           to be terminated as of the date of the withdrawal.

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           If the rights to purchase the Shares have not been exercised,
           then, subject to such third party not being unacceptable as
           stated in the first paragraph of this Article 2.2. (a), the
           Shareholder desiring to sell may transfer the Shares to a third
           party on such terms and conditions as stated in the notice given
           to the other Shareholders.

           The content of and the fact that any procedure under this Article
           2.2 (a) has been launched shall be kept confidential and the
           Shareholders and the arbitrators shall sign a confidentiality
           agreement when requested, provided that nothing herein shall
           prevent the arbitration panel from establishing the "fair market
           value of the Shares" as aforesaid.

     (b)   If shares or any other interest in this Agreement are transferred
           in accordance with this Article 2.2 paragraph (a) or (c) the
           transferor shall cause the transferee to agree in writing to
           assume all of the obligations of the transferor under this
           Agreement and the Processing Agreement.

     (c)   In the event a Shareholder ("Optionor") is declared a
           bankrupt, the other Shareholder ("Optionee") shall have the
           option to purchase all of the Optionors' Shares ("Option Shares")
           on the terms set forth in this Article 2.2 (c). The price per
           Option Share shall be equal to the fair market value, to be
           determined by arbitration as provided for in Article 7.4 if the
           parties cannot agree as to the fair market value (the "Purchase
           Price"). If the Optionee desires to purchase Option Shares it may
           within 90 days following the bankruptcy give notice to the receiver
           that it is instituting arbitration proceedings to determine the
           Purchase Price. The option shall be made within a 30-day period
           following the determination of the Purchase Price by giving notice
           thereof to the receiver.

2.3  CERTIFICATES FOR SHARES. A certified copy of this Agreement shall be
     filed with the Managing Director, and Scanraff shall cause to be placed on
     the face of each certificate for Shares hereafter issued an appropriate
     legend indicating that ownership thereof is subject to the provisions of
     this Agreement and specifically Articles 2.2 and 2.5.

2.4  TERMS OF FINANCING THE REFINERY

     The Parties have agreed that, as of July 1, 1991 Scanraff shall be
     financed through processing fees, equity and Shareholders' loans in amounts
     and on terms as agreed

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     from time to time. Except in the case of financing from third party
     lenders, all financing shall be provided by the Shareholders (or their
     Affiliates) in proportion to each Shareholders' Processing Rights or
     ownership shares as the case may be.

2.5  OBLIGATIONS OF SHAREHOLDERS. Each Shareholder shall always hold its
     Shares, take action, give its consent or require the Directors
     nominated by it to vote in such manner that the provisions of this
     Agreement and the Processing Agreement can be satisfied.

                                      PART THREE

                           MANAGEMENT AND CONTROL OF SCANRAFF

3.1  NUMBER AND REPRESENTATION OF DIRECTORS OF SCANRAFF.

     (a)   The Board of Directors shall at all times be composed of six (6)
           members, four (4) of whom shall be nominees of Preem, and one (1)
           of whom shall be a nominee of Hydro. The sixth member of the Board
           of Directors shall be the Managing Director of Scanraff. In addition,
           there shall also be six (6) Deputy Directors, four (4) nominated by
           Preem and two (2) by Hydro. A Deputy Director nominated by a
           Shareholder may never act for a Director that was nominated by
           another Shareholder.

     (b)   The Board of Directors shall also include such number of Employee
           Directors and Deputy Employee Directors as may be required from time
           to time by law.

3.2  CHAIRMAN OF THE BOARD. The Board shall appoint a chairman and a vice
     chairman.

3.3  AUTHORITY OF THE BOARD. Without prejudice for the obligations and the
     responsibility of the Managing Director, the Management and control of
     Scanraff and all aspects of its operations shall be carried out through
     the Scanraff Board of Directors and such committees as may be established
     by the Board of Directors from time to time. No action may be taken by the
     Board of Directors except by majority vote and provided at least one
     Director nominated by each of Preem and Hydro agrees to such action.

3.4  EXECUTIVE COMMITTEE.

     (a)   An Executive Committee (herein called the "Excom") shall be
           established by the Board of Directors and

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     shall be composed of three (3) members (hereinafter "Member" or "Members")
     one (1) to be selected by each Shareholder and the third Member to be the
     Managing Director of Scanraff. One Employee Director or Deputy Employee
     Director shall have the right to attend meetings. In the event that the
     Excom cannot unanimously agree on a matter, or if the Members are unable to
     hold a meeting called pursuant to a written notice given as provided
     herein, the matter so contemplated shall be referred to the Board of
     Directors. Each Shareholder shall notify the Board of Directors from time
     to time, in writing, of the name of the individual who it has selected to
     be its Member, together with the name of one alternate who shall have
     power to act in the absence of its Member.

(b)  The Responsibilities of the Excom, in addition to any other matter that
     may be delegated to it, shall be to:

     (i)   review and approve one year production budget, investments,
           manpower and expense budgets for submission to the Board of
           Directors;

     (ii)  approve revisions of the following procedures:
           Import/Export procedure
           Product allocation procedure
           Approval schedule
           Percentage of capacity entitlement
           Service agreement between Scanraff and Scancracker
           Percentage for allocation of fixed costs.

     (iii) approve rated capacities of units in the Refinery;

     (iv)  approve new or modifications to standard yields for imported
           blendstock and crude oil or crude oils processed;

     (v)   approve procedures for determining acceptability of grades of
           crude oil for processing;

     (vi)  approve the manner, frequency and form in which customary
           operating reports shall be made by Scanraff;

     (vii) approve control accounting systems and procedures;

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           (viii) approve appropriation requests for investment expenditures
                  covered by approved capital budget in excess of the Managing
                  Director's authority as may be in effect from time to time;

           (ix)   approve additions to or deletions from the refinery product
                  slate and changes in product specification;

           (x)    approve conditions for processing hydrocarbon feedstock other
                  than crude oil;

           (xi)   approve procedures and conditions for the transfer of capacity
                  utilization and for economic use of any refinery capacity that
                  is surplus to any Shareholder;

           (xii)  approve the appointment, transfer or dismissal of all key
                  personnel (as defined from time to time in the Approval
                  schedule) other than the Managing Director;

           (xiii) authorize those technical and other services provided for in
                  Part Four of this Agreement.

     (c)  Meetings of the Excom shall be held at such times and in such manner
          as is necessary to properly carry out its responsibilities, and for
          this purpose may be called by any Member upon two weeks' prior
          written notice. Matters that are the responsibility of the Excom may
          be submitted to it by any Member, for consideration and vote without
          holding a meeting, provided such matter is submitted in writing to the
          other Members. In such event, the Members may vote by giving written
          advice of their vote to the Managing Director. No action may be taken
          by the Excom without the affirmative vote of all its Members
          appointed by Shareholders.

     (d)  The Excom shall appoint such technical, financial, accounting, tax,
          legal or other subcommittees as it deems appropriate for studies,
          analysis, and reports on matters pertaining to the Refinery and its
          operation.

3.5  SCANRAFF MANAGEMENT.

     (a)   The day-to-day management of Scanraff shall be the responsibility
           of the Managing Director. In addition, there may be a Vice Managing
           Director, and such other officers as the Board of Directors

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           shall appoint. The Scanraff management shall be responsible for the
           operation of the Refinery and in so doing shall carry out all
           programs approved by the Board of Directors or the Excom in a safe,
           diligent, good and workmanlike manner.

     (b)   Scanraff's management shall:

           (i)   prepare all appropriation requests, propose budgets, and
                 maintenance and operating programs, including forecasts of
                 crudes to be processed and products to be manufactured;

           (ii)  carry out all operating and capital investment programs
                 within approved budgets;

           (iii) keep the Refinery and all petroleum stock free and clear of
                 all mortgages, pledges, liens or other encumbrances, except as
                 may be authorized by the Board of Directors; and

           (iv)  furnish to the Shareholders such financial, statistical and
                 operational reports and forecasts as any of them shall
                 reasonably request. Financial reports shall be prepared
                 consistent with generally accepted accounting principles as may
                 be in effect in Sweden from time to time but, to the extent
                 such reports are required by Hydro, the reports shall also be
                 prepared in accordance with generally accepted accounting
                 principles in effect in the United States from time to time.

3.6  RIGHT OF INSPECTION.

     (a)   Each Shareholder shall have the right to inspect the Refinery from
           time to time, provided any such inspection does not unreasonably
           interfere with day-to-day operations.

     (b)   Each Shareholder shall have the right to audit, on a periodic
           basis, Refinery operating records and all other Scanraff books,
           accounts and records.

3.7  SWEDISH AUDITORS. Auditors of Scanraff shall be Swedish authorized
     public accountants or accounting firms. Each Shareholder shall have the
     right to nominate one (1) Auditor and one (1) Deputy Auditor. The audit
     shall be sufficient in scope to meet the requirements of all Shareholders.

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                                 PART FOUR:

                        TECHNICAL AND OTHER SERVICES

4.1  PROJECT REVIEW AND SHAREHOLDERS' SERVICES.

     (a)   Each Shareholder shall have the right to review at any time in
           detail all design, construction and engineering projects associated
           with or undertaken by Scanraff.

     (b)   To the extent that technical and other services are available in a
           Shareholder, Scanraff shall be obligated to call for these services
           from such Shareholder in lieu of either (i) setting up facilities
           within Scanraff which significantly duplicate services available from
           such Shareholder or (ii) contracting for comparable services from
           others unless it can be demonstrated that Scanraff will benefit
           therefrom.

     (c)   To the extent Preem or Hydro shall provide technical and other
           services requested by Scanraff as contemplated herein, Preem and
           Hydro shall, with the approval of the other Shareholder, which
           approval shall not be unreasonably withheld, enter into a contract
           for such services under terms and conditions which shall give the
           providing Shareholder full cost coverage.

     (d)   (i)   Payment for services, including additional technical
                 assistance, use of research laboratories and engineering
                 offices, and/or personnel shall be in an amount which would
                 include all costs and overheads incurred by Preem or Hydro as
                 the case may be and its Affiliates in connection with making
                 such services and personnel available. Personnel costs shall
                 include salaries, related employees benefits (including sick
                 pay and normal vacation), and all personal and travel expenses
                 for the full period of time that such personnel are away from
                 their regular assignments. Such time shall include travel time
                 to and from their place of regular assignment and cost of home
                 leave granted in accordance with then existing policies of
                 Preem or Hydro as the case may be and its Affiliates, as
                 appropriate, including salary and transportation for the
                 employee and eligible dependents.

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           (ii)  Where Hydro provides services and the payments specified in
                 Subdivision (i) of this Article 4.1 (d) are subject to Swedish
                 taxes or other fiscal charges, including with-holding and added
                 value taxes but not corporate taxes of Hydro, such taxes or
                 charges shall be for Scanraff's account, unless they can be
                 recovered.

           (iii) When requested by Scanraff in writing, Preem or Hydro as the
                 case may be shall give Scanraff, to the extent possible,
                 estimates of the cost for services to be rendered pursuant to
                 Article 4.1. Unless Scanraff shall request otherwise, the
                 rendering of such services by Preem or Hydro as the case may
                 be shall not be delayed while the estimate is being prepared
                 and reviewed.

           (iv)  On or before the 20th day of the month following the month
                 in which services are performed, Preem or Hydro as the case may
                 be will forward to Scanraff a detailed billing statement
                 reflecting the total amounts due per subdivisions (i) and (ii)
                 of this Article 4.1 (d) specifying the currencies expended in
                 providing such agreed services. Payment by Scanraff of such
                 billing shall be made on or before the 30th day of the same
                 month to such bank or banks as Preem or Hydro as the case may
                 be may specify from time to time. At Scanraff's option,
                 payment may be made in the currency reflected in the billing
                 statement or in Swedish kronor.

4.2  LIABILITY AND INDEMNITY.

     (a)   Except in the case of gross negligence, no Shareholder or its
           Affiliates, their agents and employees, shall be liable to Scanraff
           for any loss or damage of whatsoever nature sustained by Scanraff or
           for any third party claims (including another Shareholder) arising
           out of, in connection with or related to the performance by or on
           behalf of such Shareholder or its Affiliates, their agents and
           employees, of their obligations under Part Four of this Agreement.

     (b)   Scanraff shall keep each Shareholder and its Affiliates, their
           agents and employees, fully indemnified against any claim, demand,
           action or

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           proceeding brought or instituted against such Shareholder and its
           Affiliates, their agents and employees, by any third party (including
           another Shareholder) in connection with the performance by or on
           behalf of such Shareholder or its Affiliates, their agents and
           employees, of their obligations under Part Four of this Agreement,
           except in the case of gross negligence of such Shareholder and its
           Affiliates, their agents and employees.

                                    PART FIVE:

                      WORKING CAPITAL AND CAPITAL ADDITIONS

5.1  WORKING CAPITAL.

     Any deficiency in working capital not provided by the normal processing
     fees and required by Scanraff shall be provided by an increase in or a
     surcharge on the processing fee unless the Board of Directors shall elect
     to finance such deficiency in another way.

5.2  EXPANSION AND ADDITIONS OF THE REFINERY.

     (a)   The Shareholders agree in principle to participate on a pro rata
           basis (in the same percentage as their Processing Rights) in any
           Refinery expansion, alteration, addition or improvement (hereinafter
           "Modification") which may be required, according to commercial
           necessity and in the exercise of good business judgement in order to
           enable the Refinery to manufacture and supply on a competitive
           basis, petroleum products to meet product and quality requirements.
           In such event the Shareholders will make available to Scanraff on a
           pro rata basis (on the same percentage as the Shareholders'
           Processing Rights) the funds necessary for such Modification to the
           extent such funds are not provided for through Scanraff or otherwise.
           The method of making such funds available shall be agreed upon by the
           Shareholders at the appropriate time.

     (b)   In the event that a Shareholder does not wish to participate in a
           Modification (the "Non-Participating Shareholder"), then PROVIDED
           (i) the Shareholder in favour of the Modification (the
           "Participating Shareholder") agree to make available to Scanraff
           all of the funds necessary for such Modification, (ii) such
           Modification is made in a manner such that the Non-Participating
           Shareholder's Processing Rights are not adversely affected in
           respect of quantity, quality and cost,

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           by such Modification, (iii) each Non-Participating Shareholder's
           other rights in respect of Scanraff and the Refinery, are
           adjusted to reflect such disproportionate investment, and (iv)
           the consent of the Non-Participating Shareholder is obtained,
           which consent, taking into account the foregoing conditions,
           shall not be unreasonably withheld, THEN THE NON-PARTICIPATING
           SHAREHOLDER SHALL BE OBLIGATED TO TAKE WHATEVER STEPS ARE
           NECESSARY TO EXPRESS ITS AUTHORIZATION TO SCANRAFF FOR THE
           MODIFICATION. If the Modification is capable of being utilized
           solely by the Participating Shareholder, without affecting the
           Processing Rights of the Non-Participating Shareholder, then the
           Non-Participating Shareholder shall have no right to process in
           or through the Modification nor any obligation with respect to
           the maintenance, repair or operating costs of the Modification
           and the Modification shall be devoted exclusively to the
           Participating Shareholder and to the extent necessary the
           Processing Agreement shall be amended to reflect the Modification
           and the Participating Shareholder's exclusive right in the same.
           Unless the Shareholders should agree otherwise, the Share
           Percentage shall not be affected by the foregoing. If the
           Non-Participating Shareholder subsequently desires to participate
           in the Modification, it may do so provided (x) the participation
           does not adversely affect the Modification, in respect of
           capacity, quality, cost or completion date, (y) it notifies the
           Participating Shareholder 90 days after completion of the
           Modification, (z) it pays to the Participating Shareholder a pro
           rated amount (in the same percentage as the Non-Participating
           Shareholder's Processing Rights) of the funds made available by
           the Participating Shareholder to Scanraff, plus interest thereon
           calculated on a per annum basis at 6 months STIBOR + 1/2 % during
           the period between the advancement of funds by the Participating
           Shareholder and the payment by the Non-Participating Shareholder
           of its share of the cost of the Modification.

5.3  REPLACEMENT AND RENEWAL OF EQUIPMENT. Notwithstanding the provisions of
     Article 5.2, so long as the Shareholders have an interest in Scanraff or
     the Refinery, they agree to make available to Scanraff, in proportion to
     their Processing Rights such funds as are required from time to time to
     operate or maintain the Refinery in an efficient and safe manner. For the
     purpose of this Article 5.3, operation and maintenance means such measures
     as are necessary to maintain the Refinery in

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     working order at basically the same technological level, capacity, yield
     structure and product slate.

5.4  STRATEGIC BUSINESS PLAN AND YEARLY PLAN FOR INVESTMENTS AND FINANCING. A
     strategic business plan shall be presented to the Board of Directors for
     approval on a yearly basis. Before the end of each year the Board of
     Directors shall consider and approve an investment budget and a financing
     plan covering the following year.

                                    PART SIX:

                                    BUNKERING

6.1  BUNKERING OF VESSELS. Each of the Shareholders and any Affiliate shall
     have the right to bunker vessels owned by, time or demise chartered by, or
     otherwise under the effective control of such Shareholder or its Affiliate.
     In respect of the supply of bunkers at the crude port or product port
     servicing the Refinery to other marine vessels, each Shareholder is free to
     seek such business for their own respective accounts.

                                    PART SEVEN:

                                   MISCELLANEOUS

7.1  DISSOLUTION.

     (a)   In the event of liquidation, expropriation, sale or other
           dissolution of Scanraff (hereinafter "Dissolution") for any reason,
           the assets of Scanraff shall be disposed of as and in the order
           listed below:

           (i)   all secured creditors shall be paid in full to the extent
                 that the security is sufficient therefor; and

           (ii)  all other creditors shall be paid in full, including any
                 ordinary Shareholders' loans; and

           (iii) subordinated Shareholders' loans shall be paid in full; and

           (iv)  the balance of the assets shall be distributed to the
                 Shareholders in accordance with their Share Percentage at the
                 time of distribution.

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     (b)   In the event there has been a modification under Article 5.2 (b)
           but the Share Percentage has not been adjusted on account of such
           modification, then, as part of the payments contemplated under
           Article 7.1 (a), each Shareholder shall be entitled to receive as
           a creditor of Scanraff a payment equal to that proportion of the
           assets less amounts payable under Article 7.1 (a) (i) - (iii)
           prior to the application of this Article 7.1 (b), which the value
           of any portion of the Refinery (just prior to Dissolution)
           attributable to a Modification, if any, made by the particular
           party, under Article 5.2 of this Agreement bears to the total
           value of the Refinery just prior to Dissolution.

7.2  GOVERNING LAW. This Agreement shall be governed by and construed in
     accordance with the laws of Sweden.

7.3  ARBITRATION. All disputes arising under or in connection with this
     Agreement shall be finally settled by arbitration in Stockholm in
     accordance with the Swedish Arbitration Act in force from time to time.

7.4  TERM.

     (a)   Except as otherwise expressly provided, this Agreement shall
           become effective on May 20, 1999 and shall remain in full force and
           effect until December 31, 2023, but no termination shall affect any
           rights or liabilities, theretofore accrued hereunder or pursuant
           hereto.

     (b)   No later than December 31, 2021, the Shareholders and Scanraff
           shall in good faith commence negotiations in order to reach a new
           arrangement concerning their respective interests in Scanraff and the
           Refinery. Should the Shareholders and Scanraff fail to reach an
           arrangement by December 31, 2023, then the Shareholders shall cause
           Scanraff to be liquidated in a manner contemplated in Section 7.1 of
           this Agreement.

7.6  NOTICES. All notices or communications hereunder shall be given by
     letter sent by mail, telex or telefax (important notices to be sent by
     registered mail) and shall be deemed given when the letter is sent by
     ordinary mail, the telex dispatched or the telex sent, postage or charges
     prepaid, and directed to the party or parties for whom intended at the
     respective address set forth below in each case until changes by notice
     given hereunder:

<Page>

                                                                             17

     To Preem:       Preem Petroleum AB
                     S-115 90 STOCKHOLM                      Sweden

     To Hydro:       Hydro R & M Holding a.s.                Norway

     To Scanraff:    Skandinaviska Raffinaderi AB Scanraff
                     S-453 81 LYSEKIL                        Sweden

7.7  SEVERABILITY OF OBLIGATIONS. The obligations of the Shareholders
     hereunder are not joint but several, and default in performance by any one
     of such Shareholders shall in no way affect the obligations of any other
     Shareholder.

7.8  BENEFICIARIES. This Agreement shall only inure to the benefit of, and
     may only be enforced by, the parties hereto and shall not, in any event,
     inure to the benefit of, or be enforceable by, any other Person whatsoever.

7.9  CHANGES IN WRITING. No modification, variation or amendment of this
     Agreement, no determination, evaluation, approval, waiver or other action
     permitted or taken hereunder and no further agreement contemplated hereby
     shall be of any force unless the same is in writing and has been signed by
     (i) all the parties in the case of modification, variation or amendment or
     (ii) the applicable Person in such other cases.

IN WITNESS WHEREOF, the parties hereto have caused this Shareholders'
Agreement to be executed as of the date first above written, in three
originals, one for each party concerned.

For PREEM PETROLEUM AB                 For SKANDINAVISKA RAFFINADERI AB SCANRAFF

By    /s/ Lars Nelson                  By   /s/ Leif Brinck
  --------------------------------       ---------------------------------
Title                                  Title
     -----------------------------          ------------------------------

For Hydro R & M Holding a.s.

By  /s/ John Ottestad
  --------------------------------
Title
     -----------------------------<Page>

                                                                   EXHIBIT 10.8

Scankracker Shareholders' Agreement, dated as of June 30, 1996, by and
between Preem Petroleum AB (formerly OK Petroleum AB), Norsk Hydro AS, and
OK Kracker AB
<Page>

                          KRACKER SHAREHOLDERS AGREEMENT

                                      Among

                                 OK PETROLEUM AB

                                 NORSK HYDRO a.s

                                  OK KRACKER AB

                               Dated June 30, 1986
<Page>

                                           INDEX

(The Index is not a part of the Shareholders Agreement but is for convenience
of reference only.)

<Table>
<Caption>
                                                                            PAGE
                                                                            ----
<S>                                                                        <C>
PARTIES                                                                       4
RECITALS                                                                      4

PART ONE:    SUBJECT MATTER OF THIS AGREEMENT:                                5
             DEFINITIONS AND RULES OF CONSTRUCTION

          1.1    Subject Matter                                               5
          1.2    Definitions                                                  5
          1.3    Rules of Construction                                        7

PART TWO:    SHAREHOLDINGS, RIGHTS OF SHAREHOLDERS AND                        7
             FINANCIAL OBLIGATIONS

          2.1    Shareholders and Share Percentages                           7
          2.2    Transferability of Shares by Shareholders                    8
          2.3    Certificates for Shares                                      9
          2.4    Shareholders Loans and Accounts Payable to Kracker           9
          2.5    Obligations of Shareholders                                 10

PART THREE:  MANAGEMENT AND CONTROL OF KRACKER                               10

          3.1    Number and Representation of Directors of Kracker           10
          3.2    Officers of the Board                                       10
          3.3    Authority of the Board                                      11
          3.4    Service Agreement with Scanraff                             11
          3.5    Management of Kracker                                       11
          3.6    Executive Committee                                         11
          3.7    Right of Inspection                                         13
          3.8    Swedish Auditors                                            14

PART FOUR:   TECHNICAL AND OTHER SERVICES                                    14

          4.1    Project Review and Shareholders' Services                   14
          4.2    Liability and Indemnity                                     15

<Page>

<S>                                                                       <C>
PART FIVE:   WORKING CAPITAL AND CAPITAL ADDITIONS                           15

          5.1    Working Capital                                             15
          5.2    Expansion and Additions of the Plant                        16
          5.3    Replacement and Renewal of Equipment                        18
          5.4    Investment and Financing Plan                               18

PART SIX:    MISCELLANEOUS                                                   18

          6.1    Dissolution                                                 18
          6.2    Force Majeure                                               19
          6.3    Governing Law                                               20
          6.4    Arbitration                                                 20
          6.5    Term                                                        20
          6.6    Notices                                                     21
          6.7    Severability of Obligations                                 21
          6.8    Beneficiaries                                               22
          6.9    Changes in Writing                                          22

SIGNATURES                                                                   22

</Table>
<Page>

                              KRACKER SHAREHOLDERS AGREEMENT

         This is an AGREEMENT dated as of June 30, 1986 among OK Petroleum AB
(herein called "OKP"), Norsk Hydro a.s (herein called "Hydro") OKP and Hydro
sometimes individually called a "Shareholder" and collectively called the
"Shareholders" and OK Kracker AB, (herein called "Kracker").

                                       WITNESSETH:

         WHEREAS, Hydro has acquired 50 per cent of the capital stock of
Kracker, the present share capital of which is SEK 175,000,000 from
Oljekonsumenternas forbund, ekonomisk forening (herein called "OK");

         WHEREAS, OK has merged substantially all of its assets, i.a. 50 per
cent of the capital stock of Kracker, into Svenska Petroleum AB (herein
called "SP") in consideration of shares in SP and SP has changed its name to
OKP;

         WHEREAS, to the extent that their respective interests may appear
herein as well in such additional agreements as may be entered into pursuant
hereto, OKP and Hydro desire to cooperate and jointly undertake the operation
of Kracker; and

         WHEREAS, OKP, Hydro and Kracker desire to set forth in this
Agreement the terms and conditions of their cooperation and joint undertaking
with respect to Kracker.

         NOW, THEREFORE, each Shareholder agrees with each other Shareholder
and Kracker agrees with all Shareholders as follows:

<Page>

                                          PART ONE:

                               SUBJECT MATTER OF THIS AGREEMENT:
                              DEFINITION AND RULES OF CONSTRUCTION

         1.1 SUBJECT MATTER. The subject matter of this Agreement is the
catalytic cracking unit and associated facilities (herein called the "Plant")
owned by Kracker and which include facilities located on the process area (on
land owned by Kracker) and equipment, pipelines and tanks, located on
Skandinaviska Raffinaderi AB Scanraff (herein called "Scanraff") refinery
area on the Lyse Peninsula in Bohuslan, north of Lysekil, Sweden, having a
nominal capacity to process 20.000 barrels of feedstock per stream day.

         1.2 DEFINITIONS. For purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, the terms
defined in this Article 1.2 have the meaning herein assigned to them, the
capitalized terms defined in the Recitals, Article 1.1 and subsequent
Articles by inclusion in quotation marks and parentheses have the meaning so
ascribed to them.

         "Affiliate", with respect to any Shareholder, means:

         (i) any other Person which beneficially owns, directly or
indirectly, all of such Shareholder's voting stock, or

         (ii) any other Person all of the voting stock of which is
beneficially owned, directly or indirectly, either by such Shareholder or by
an Affiliate of such Shareholder as defined in the preceding clause (i).

         "Board of Directors" means the Board of Directors of Kracker.

<Page>

         "By-Laws" means the duly registered By-Laws of Kracker as in effect
from time to time.

         "Person" means any individual, corporation, partnership, joint
venture, trust, estate, unincorporated organization, cooperative, or
government or any agency or political subdivision thereof.

         "Processing Agreement" means the Kracker Processing Agreement of
even date herewith among OKP, Hydro and Kracker.

         "Processing Rights" means the rights of a Shareholder to process
feedstock through the Plant according to the percentage of capacity as
provided for in the Processing Agreement.

         "Plant" means the catalytic cracking unit and related facilities
owned by Kracker, which is the subject matter of this Agreement as the same
may exist from time to time during the term of this Agreement, the Kracker
facilities are described in Exhibit A, attached hereto.

         "Secretary" means the Secretary of the Board of Directors of Kracker.

         "Share" means a share of the capital stock of Kracker.

         "Share Percentage" as applied to each Shareholder means that
percentage of all the Shares at any time issued and outstanding which is
owned by such Shareholder at the time the definition is applied (except that
if two (2) or more Shareholders are Affiliates, their respective percentages
as foresaid shall be combined, and they shall be treated as a single
Shareholder for purposes of this Agreement).

<Page>

                                                                             7

     "Shareholders" means, at the time the definition is applied, the owner
of one or more issued and outstanding Shares (subject to the definition of
Share Percentage).

     1.3   RULES OF CONSTRUCTION. For purposes of this Agreement, unless the
context otherwise requires, (i) all terms defined herein include the plural
as well as the singular and (ii) reference to any Person include successors
of such Person by consolidation and merger, and transferees of all or
substantially all of its assets (provided that such successor has duly
assumed in writing all such Person's obligations, if any, hereunder).
Reference to Parts and Articles are, unless otherwise specificed to Parts and
Articles of this Agreement. References to any other agreement or other
instrument shall, unless the context otherwise requires, or the definition
thereof otherwise specifies, be deemed reference to the same as it may from
time to time be changed, amended or extended in accordance with its terms and
such other agreement or instrument when referred to shall be deemed to be
incorporated herein by reference. Neither the captions to Parts, Articles of
Subdivisions thereof, nor the Index shall be deemed to be a part of this
Agreement.

                                   PART TWO:

                     SHAREHOLDINGS, RIGHTS OF SHAREHOLDERS

                            AND FINANCIAL OBLIGATIONS

     2.1   SHAREHOLDERS AND SHARE PERCENTAGES. The Shareholders and their
Share Percentages are as follows:

OKP:     Fifty percent     (50%)

Hydro:   Fifty percent     (50%)
<Page>

                                                                             8

     2.2   TRANSFERABILITY OF SHARES BY SHAREHOLDERS.

           (a) Except as provided for in Article 2.2 (c) no Shareholder may
assign, sell or otherwise transfer any Shares held by it or any other interest
in or obligation under this Agreement (including Kracker) without the prior
written consent of all of the Shareholders, unless such transfer is made to
an Affiliate. Transfers to an Affiliate shall be permitted notwithstanding
any provision to the contrary in the Kracker By-Laws, and any necessary waiver
of an option to purchase the Share shall be deemed to have been given. In
respect of transfers contemplated hereunder that require prior written
consent, the Shareholders whose consent to the transfer is being sought may
consent to the transfer subject to observance of the procedures applicable to
transfers as specified in the Kracker By-Laws.

           (b) If shares or any other interest in this Agreement are
transferred in accordance with this Article 2.2 paragraph (a), or (c) the
transferor shall cause the transferee to agree in writing to assume all of
the obligations of the transferor under this Agreement, the Processing
Agreement and the Financial Arrangements. In no event shall such transfer
relieve the transferor of its obligations under this Agreement, the Processing
Agreement or the Financial Arrangements.

           (c) In the event a Shareholder ("Optionor") is declared a
bankrupt, the other Shareholder ("Optionee") shall have the first option to
purchase the Optionors's Shares ("Option Shares") on the terms set forth in
this Article 2.2 (c). The price per Option Share shall be equal to  the fair
market value of each Option Share, to be determined by arbitration as
provided for in Article 7.4, if the parties cannot agree as to the fair
market value (the "Purchase Price"). Any Optionee desiring to
<Page>

                                                                             9

purchase Option Shares may within 90 days following the bankruptcy give
notice to the Optionor and the Secretary that it is instituting arbitration
proceedings to determine the Purchase Price. The option shall be exercised as
to all of the shares the Optionee is entitled to purchase and shall be made
within a 30-day period following the determination of the Purchase Price by
giving notice thereof to Optionor and the Secretary. At the end of the option
period, the purchasing Optionee shall promptly deliver to the Secretary its
certified check payable to Optionor for the full purchase amount for the
Shares purchased by it; whereupon the Secretary shall promptly deliver to
Optionor that check against receipt of the Certificates for the Option Shares
(assigned in blank). Any registration fee for the transfer shall be borne by
the Optionee.

     2.3   CERTIFICATES FOR SHARES.  An executed counterpart of this
Agreement shall be filed with the Secretary, and Kracker shall cause to be
placed on the face of each certificate for Shares heretofore or hereafter
issued an appropriate legend indicating that ownership thereof is subject to
the provisions of this Agreement and specifically Articles 2.2 and 2.5.

     2.4   SHAREHOLDERS' LOANS AND ACCOUNTS PAYABLE TO KRACKER. Subject always
to the restrictions imposed by any third party borrowings, any loans made to
Kracker by the Shareholders, including specifically loans made pursuant to the
terms of Article 5.2 shall be upon such terms and conditions and at such
rates of interest as all of the Shareholders may agree. The Shareholders
acknowledge the following outstanding loans to Kracker: OKP SEK 125,000,000
and Hydro SEK 125,000,000 and that such loans are subordinated to all third
party loans.
<Page>

                                                                            10

     2.5   OBLIGATIONS OF SHAREHOLDERS. Each Shareholder shall always hold
its Shares, take action, give its consent or require the Directors nominated
by it to vote in such manner that the provisions of this Agreement and the
Processing Agreement can be satisfied.

                                  PART THREE:

                        MANAGEMENT AND CONTROL OF KRACKER

     3.1   NUMBER AND REPRESENTATION OF DIRECTORS OF KRACKER (a) The Board of
Directors shall at all times be composed of five (5) members elected by the
Shareholders, two (2) of whom shall be nominees of OKP and two (2) of whom
shall be nominees of Hydro. The fifth member of the Board of Directors shall
be the Managing Director of Kracker. In addition, there shall also be four
(4) Deputy Director, two nominated by each of OKP and Hydro. A Deputy
Director nominated by a Shareholder may never act for a Director that was
nominated by another Shareholder.

           (b) The Board of Directors shall also include such number of
Employee Directors and Deputy Employee Directors as may be required from time
to time by law.

     3.2   OFFICERS OF THE BOARD. The Officers of the Board shall be the
Chairman and the Vice Chairman appointed by the Shareholders. In addition, the
Board of Directors shall select a Secretary of the Board (who may also be a
Board member but need not be). The Secretary shall be responsible for
keeping all records necessary for the orderly administration of the Board of
Directors, including the preparation, retention of minutes of meetings,
resolutions adopted, agenda and notices. All fees and other expenses
otherwise payable by Kracker to Directors or Deputy Directors other than the
Managing Director, Employee Director or Deputy Employee Directors, shall be
borne by the Shareholder nominating such Directors or Deputy Directors.

<Page>

                                                                            11

     3.3   AUTHORITY OF THE BOARD. The Management and control of Kracker and
all aspects of its operations shall be carried out through the Board of
Directors and such committees as may be established by the Board of Directors
from time to time. No action may be taken by the Board of Directors except by
majority vote and provided at least one Director nominated solely by OKP and
one Director nominated solely by Hydro agree to such action.

     3.4   SERVICE AGREEMENT WITH SCANRAFF. The Shareholders acknowledge the
Service Agreement between Scranraff and Kracker dated as of November 22, 1983
and that Kracker is integrated with and operated by Scanraff in accordance
with said agreement. The Excom shall perform its duties as set forth above in
compliance with the Service Agreement or such other service agreement as may
be entered into. A copy of the present Service Agreement is attached hereto as
Exhibit B.

     3.5   MANAGEMENT OF KRACKER. The Shareholders shall grant to the Board
of Directors all of the authority and management control over the Plant and
its operation which may be permitted under Swedish law.

     3.6   EXECUTIVE COMMITTEE. (a) An Executive Committee (herein called the
"Excom") shall be established by the Board of Directors and shall be composed
of three (3) members, (hereinafter "Member" or "Members") one (1) to be
selected by each Shareholder and the third Member to be the Managing Director
of Kracker. In the event that the Excom cannot unanimously agree on a matter,
or if the Members are unable to hold a meeting called pursuant to a written
notice given as provided herein, the matter so contemplated shall be referred
to the Board of Directors. Each Shareholder shall notify the Board of
Directors from time to time, in writing, of the person which it has selected
to be its Member, together with the name of one alternate who shall have
power to act in the absence of its Member and who shall also be a Director or
a Deputy Director.

<Page>

                                                                            12

           (b)     The responsibalities of the Excom, in addition to any other
matter that may be delegated to it, shall be to:

           (i)     review and approve any changes of the Service Agreement
with Scanraff referred to above;

          (ii)     review and approve operating programs and investments,
manpower and expense budgets for submission to the Board of Directors;

         (iii)     approve or modify rated capacities of units in the Plant;

          (iv)     approve new or modifications to standard yields for
feedstocks;

           (v)     approve procedures for determining acceptability of grades
of feedstocks for processing;

          (vi)     approve the manner, frequency and form in which customary
operating reports shall be made by Kracker;

         (vii)     approve control accounting systems and procedures;

        (viii)     approve appropriation requests for investment expenditures
covered by approved capital budget in excess of the Managing Director's
authority as may be in effect from time to time;

          (ix)     approve additions to or deletions from the Plant product
slate and changes in product specification;

           (x)     approve procedures and conditions for the transfer of
capacity utilization and for economic use of any Plant capacity that is
surplus to any Shareholder;

<Page>

           (xi)    approve the appointment, transfer or dismissal of all key
personnel other than the Managing Director;

          (xii)    approve insurance programs; and

         (xiii)    authorize those technical and other services provided for
in Part Four of this Agreement

            (c)    Meetings of the Excom shall be held at such times and in
such manner as is necessary to properly carry out its responsibilities, and for
this purpose may be called by any Member upon two weeks' prior written notice.
Matters that are the responsibility of the Excom may be submitted to it by any
Member, for consideration and vote without holding a meeting, provided such
matter is submitted in writing or by telegram or telex to the other Members.
In such event, the Members may vote by giving written or telegraphic or telex
advice of their vote to the Secretary. No action may be taken by the Excom
without the affirmative vote of all of its Members appointed by the
Shareholders.

            (d)    The Excom shall appoint such technical financial,
accounting, tax, legal or other subcommittees as it deems appropriate for
studies, analysis, and reports on matters pertaining to the Plant and its
operation.

     3.7   RIGHT OF INSPECTION. (a) Each Shareholder shall have the right to
inspect the Plant from time to time, provided any such inspection does not
unreasonably interfere with day-to-day operations.

            (b)    Each Shareholder shall have the right to audit, on a
periodic basis, Plant operating records and all other Kracker books, accounts
and records.

<Page>

                                                                            14

     3.8   SWEDISH AUDITORS. Auditors of Kracker shall be Swedish authorized
public accountants or accounting firms. Each Shareholder shall have the right
to nominate one (1) Auditor and one (1) Deputy Auditor. The audit shall be
sufficient in scope to meet the requirements of all Shareholders.

                                  PART FOUR:

                          TECHNICAL AND OTHER SERVICES

     4.1   PROJECT REVIEW AND SHAREHOLDERS' SERVICES. (a) Each Shareholder
shall have the right to review at any time in detail all design, construction
and engineering projects associated with or undertaken by Kracker.

           (b)     To the extent that technical and other services are
available in a Shareholder Kracker shall be obligated to call for these
services from such Shareholder in lieu of either (i) setting up facilities
within Kracker which significantly duplicate services available from such
Shareholder or (ii) contracting for comparable services from others unless
it can be demonstrated that Kracker will benefit therefrom.

           (c)     To the extent OKP or Hydro shall provide technical and
other services requested by Kracker as contemplated herein, OKP or Hydro
shall, with the approval of the other Shareholder, which approval shall not be
unreasonably withheld, enter into a contract for such services under terms
and conditions therein set out.

<Page>

                                                                            15

           4.2     LIABILITY AND INDEMNITY.  (a) Except in the case of gross
negligence, no Shareholder or its Affiliates, their agents and employees,
shall be liable to Kracker for any loss or damage of whatsoever nature
sustained by Kracker or for any third party claims (including another
Shareholder) arising out of, in connection with or related to the performance
by or on behalf of such Shareholder or its Affiliates, their agents and
employees, of their obligations under Part Four of this Agreement.

           (b)     Kracker shall keep each Shareholder and its Affiliates,
their agents and employees, fully indemnified against any claim, demand,
action or proceeding brought or instituted against such Shareholder and its
Affiliates, their agents and employees, by any third party (including
another Shareholder) in connection with the performance by or on behalf of
such Shareholder or its Affiliates, their agents and employees, of their
obligations under Part Four of this Agreement, except in the case of gross
negligence of such Shareholder and its Affiliates, their agents and employees.

                                  PART FIVE:

                     WORKING CAPITAL AND CAPITAL ADDITIONS

           5.1     WORKING CAPITAL. (a) Any deficiency in working capital not
provided by the normal processing fees and required by Kracker shall be
provided by an increase in or a surcharge on the processing fee unless the
Board of Directors shall elect to finance such deficiency by outside
short-term borrowings or subordinated loans or by advance processing fees
from the Shareholders as may be approved by the Board of Directors from time
to time.

<Page>

         (b) To the extent it can do so, Kracker shall arrange its affairs
(including effecting short term borrowings if so authorized) to avoid the
need for demands for payments or advances under the Financial Arrangements
from a Shareholder.

         5.2 EXPANSION AND ADDITIONS OF THE PLANT. (a) The Shareholders agree
in principle to participate on a pro rata basis (in the same percentage as
their Processing Rights) in any Plant expansion, alteration, addition or
improvement (hereinafter "Modification") which may be required, according to
commercial necessity and in the exercise of good business judgment in order
to enable the Plant to manufacture and supply on a competitive basis,
petroleum products to meet product and quality requirements. In the event the
Shareholders agree to a Modification, the Shareholders will make available to
Kracker on a pro rata basis (on the same percentage as the Shareholders
Processing Rights) the funds necessary for such Modification to the extent
such funds are not otherwise provided for. The method of making such funds
available shall be agreed upon by the Shareholders at the appropriate time.

         (b) In the event that a Shareholder does not wish to participate in
a Modification (the "Non-Participating Shareholder"), then provided (i) The
Shareholder in favor of the Modification (the "Participating Shareholder")
agree to make available to Kracker all of the funds necessary for such
Modification, (ii) such Modification is made in a manner that the
Non-Participating Shareholder's Processing Rights is not adversely affected
in respect of quantity, quality and cost, by such Modification, (iii) the
Non-Participating Shareholder's other rights in respect of Kracker and the
Plant, are adjusted to reflect such disproportionate investment, (iv) the
consent of the Non-Participating Shareholder is obtained, which consent,
taking into account the foregoing conditions, shall not be unreasonably
withheld.

<Page>

If the Modification is capable of being utilized solely by the Participating
Shareholder, without affecting the Processing Rights of the Non-Participating
Shareholder, then the Non-Participating Shareholder shall have no right to
process in or through the Modification or no obligation with respect to the
maintenance, repair or operating costs of the Modification and the
Modification shall be devoted exclusively to the Participating Shareholder
and to the extent necessary the Processing Agreement shall be amended to
reflect the Modification and the Participating Shareholder's exclusive right
in the same. Unless the Shareholders should agree otherwise, their Share
Percentage shall not be affected by the foregoing. If the Non-Participating
Shareholder subsequently desires to participate in the Modification, it may
do so provided (x) the participation does not adversely affect the
Modification or the Participating Shareholder in respect of capacity,
quality, cost or completion date, (y) it notifies the Participating
Shareholder and Kracker within 90 days after completion of the Modification,
(z) it pays to the Participating Shareholder a pro rated amount (in the same
percentage as such Non-Participating Shareholder's Processing Rights) of the
funds made available by the Participating Shareholder to Kracker, plus
interest thereon calculated on a per annum basis at a rate equal to the
official discount rate plus 3.5%, in Sweden during the period between the
advancement of funds by the Participating Shareholder and the payment by the
Non-Participating Shareholder of this share of the cost of the Modification
and it receives the consent of the Participating Shareholder, which consent
shall not be unreasonably withheld if the Participating and Non-Participating
Shareholder can reach agreement on any matters involved in the Modification
that may be required to insure that the Non-Participating Shareholder's
subsequent participation is on no more favorable terms than that of the
Participating Shareholder.

<Page>

         5.3 REPLACEMENT AND RENEWAL OF EQUIPMENT. Notwithstanding the
provisions of Article 5.2, as long as the Shareholders have an interest in
Kracker, they agree to make available to Kracker, in proportion to their
Processing Rights such funds as are required from time to time to operate or
maintain the Plant in an efficient and safe manner. For the purpose of this
Article 5.3, operation and maintenance means such measures as are necessary
to maintain the Plant in working order at basically the same technological
level, capacity, yield structure and product slate.

         5.4 INVESTMENT AND FINANCING PLAN. Before the end of each year the
Board of Directors shall consider and approve an investment budget and a
financing plan covering the following year and, in addition, a tentative
five-year investment and financing plan.

                                   PART SIX:

                                 MISCELLANEOUS

         6.1 DISSOLUTION. (a) In the event of liquidation, expropriation,
sale or other dissolution of Kracker (hereinafter "Dissolution") for any
reason, the assets of Kracker shall be disposed of as and in the order listed
below:

         (i) all secured creditors shall be paid in full to the extent that
the security is sufficient therefor; and

         (ii) all other creditors shall be paid in full, including any
Shareholder's loans; and
<Page>

                                                                           19

           (iii)   the balance of the assets shall be distributed to the
Shareholders in accordance with their Share Percentage at the time of
distribution.

           (b)     In the event there has been a modification under section
5.2 (b) but the Share Percentage has not been adjusted on account of such
modification, then, as part of the payments contemplated under Article 6.1
(a), each Shareholder shall be entitled to receive as a creditor of Kracker
a payment equal to that proportion of the assets less amounts payable under
Article 6.1 (a)(i) and (ii) prior to the application of this Article 6.1 (b),
which the value of any portion of the Plant (just prior to Dissolution)
attribute to a Modification, if any, made by the particular party, under
Article 5.2 of this Agreement bears to the total value of the Plant just
prior to Dissolution.

           (c)     Any payment that would otherwise be made to a Shareholder
pursuant to Article 6.1 (a)(ii) that is determinable according to the
provisions of Article 6.1 (b), shall be reduced by the outstanding balance
of any loan made to Kracker, on account of the Modification to which such
payment is attributable and paid by Kracker under Article 6.1 (a)(i) or (ii)
above.

     6.2   FORCE MAJEURE. No Shareholder shall be obligated to perform any
act required to be performed by it hereunder, other than to make payments,
when due, when and while and to the extent it is prevented from or hindered
in performing such act, due to Acts of God, fire, explosion or other
catastrophes, storms, war, blockages, quarantine restrictions, embargoes,
strikes or other labor disturbances, total or partial failure or shortage of
crude oil production from normal sources or transportation facilities,
breakdown of machinery, equipment or plant not caused by the negligence of
the party, commandering of raw materials, feedstock,

<Page>

                                                                            20

stock-in-process, products, plants of facilities or by any other similar or
different acts of civil or military authorities, or by any causes beyond the
control of a party, including the act of any Government or instrumentality
thereof, whether similar to the causes herein specified or not. In the event
that any party is, wholly or in part, so prevented from or hindered in
carrying out its obligations hereunder, it shall give written notice by the
most expeditious means as soon as possible after the occurrence of the causes
relied on, giving full particulars of the reasons for such prevention or
hindrance.

     6.3   GOVERNING LAW. Subject to the provisions of Article 7.4, this
Agreement shall be governed by and construed in accordance with the laws of
Sweden.

     6.4   ARBITRATION. (a) Any controversy, dispute or claim arising out of
or related to this Agreement or any contract, minutes of agreement, or other
understanding entered into pursuant hereto, in the implementation hereof, or
in consideration hereof, shall be settled by arbitration in accordance with
the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce.
The arbitration proceedings shall be conducted in the Swedish language and
take place in Stockholm, Sweden.

     6.5   TERM. (a) Except as otherwise expressly provided, this Agreement
shall become effective (i) on the date Hydro has acquired from OK part of the
capital stock of Kracker and (ii) the merger of part OK's assets (including
the Shares) into SP has become effective, which ever occurs later, and shall
remain in full force and effect until August 11, 2022, but no termination
shall affect any rights or liabilities, theretofore accrued hereunder or
pursuant hereto.

<Page>

                                                                           21

           (b)     No later than August 11, 2020, the Shareholders and Kracker
shall in good faith commence negotiations in order to reach a new arrangement
concerning their respective interests in Kracker and the Plant. Should the
Shareholders and Kracker fail to reach an arrangement as provided above, then
the Shareholder shall cause Kracker to be liquidated in a manner contemplated
in Section 6.1 of this Agreement.

     6.6   NOTICES. All notices or communications hereunder shall be given by
letter sent by mail, telex or telegram and shall be deemed given when the
letter is sent by ordinary mail, the telex dispatched or the telegram filed
with the telegraph company, postage or charges prepaid, and directed to the
party or parties for whom intended at the respective address set forth below
in each case until changed by notice given hereunder:

To OKP:

          OK Petroleum AB
          c/o Svenska Petroleum AB
          Box 5602
          S-114 86 STOCKHOLM      Sweden

To Hydro:
          Norsk Hydro a.s
          Bygdoy alle 2
          OSLO 2                  Norway

To Kracker:
          OK Kracker AB
          Box 10007
          S-453 00 LYSEKIL        Sweden

     6.7   SEVERABILITY OF OBLIGATIONS. The obligations of the Shareholders
hereunder are not joint but several, and default in performance by any one of
such Shareholder shall in no way affect the obligations of any other
Shareholder.

<Page>

                                                                           22

     6.8   BENEFICIARIES. This Agreement shall only inure to the benefit of,
and may only be enforced by, the parties hereto and shall not, in any event,
inure to the benefit of, or be enforceable by, any other Person whatsoever.

     6.9   CHANGES IN WRITING. No modification, variation or amendment of
this Agreement, no determination, evaluation, approval, waiver or other
action permitted or taken hereunder and no further agreement contemplated
hereby shall be of any force unless the same is in writing and has been
signed by (i) all the parties in the case of modification, variation or
amendment or (ii) the applicable Person in such other cases.

     IN WITNESS WHEREOF, the parties hereto have caused this Kracker
Shareholders Agreement to be executed as of the date first above written.

OK PETROLEUM AB                        NORSK HYDRO a.s

By _________________________           By _________________________

Title_______________________           Title ______________________

KRACKER AB

By _________________________

Title_______________________

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