I agree with Marlboro Dog who reminded everyone that MRC payed off its full purchase price after it's first year of operation under management by Connacher. In addition, if you look at page 22 of Connacher's current Presentation you will notice on the chart that in the years 2006 and 2007 the downstream operation (refining at MRC) kept Connacher afloat financially by adding to its cashflow significantly. I still think that the refinery is good for Connacher to own as long as it carries its own weight and isn't a drain on capital as it helps to presvent at this point a takeover while Connacher is still in the building process (Algar and EIA expansion). It helps to deter a takeover as nobody would basically want it and anyone wanting to take over Connacher at present would see it as a liability in that they would either have to expand it at great cost, or get rid of it at great cost. So for me it serves an ongoing purpose even if you don't believe in the metrics of it contributing to an integrated financial strategy. There are other reasons for owning MRC. It also helps Connacher to get loans and credit ratings which is one of the main reasons that Connacher bought it in the first place if you recall.

Best Wishes; Scott