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                                                                      EXHIBIT 21


                         SUBSIDIARIES OF THE REGISTRANT


1.       Preem Petroleum AB, a corporation organized under the laws of the
         Kingdom of Sweden

2.       Preem Finans AB, a corporation organized under the laws of the Kingdom
         of Sweden

3.       Preem Industriholding AB, a corporation organized under the laws of the
         Kingdom of Sweden

4.       Skandinaviska Raffinaderi AB, a corporation organized under the laws of
         the Kingdom of Sweden, which does business under the name Scanraff