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About
Refining Economics course is designed to give a baseline understanding of refining economics to participants who are not refinery specialists. After an initial introduction of some technical aspects of refining that are essential to understanding economics, the course takes on many aspects of refining that require the application of economic concepts. This includes an explanation of refining margins for refineries of different complexity, basic aspects of planning and optimization, techniques to calculate the blending value of streams, and an explanation of the fundamentals that set prices and margins in the marketplace.
The course includes many examples where the concepts that are taught are used to explain past pricing and refinery investment trends. The delivery makes many links between techno-economic aspects of refining, how those aspects shape price relationships and how refineries react to changing price relationships.
The purpose of these links is to provide participants with an appreciation of the fundamentals that set prices and margins. The course ends with a module where the learning is used to speculate about the future refining scenario.
The course includes many examples where the concepts that are taught are used to explain past pricing and refinery investment trends. The delivery makes many links between techno-economic aspects of refining, how those aspects shape price relationships and how refineries react to changing price relationships.
The purpose of these links is to provide participants with an appreciation of the fundamentals that set prices and margins. The course ends with a module where the learning is used to speculate about the future refining scenario.
What will you Learn?
- Understand which aspects of refining operations have highest relevance for margins
- Understand the margins of refineries of different complexity
- Understand key aspects of refinery optimization
- Learn how to calculate the blending value of intermediates
- Develop an understanding of how the fundamentals of refining determine many price relationships, e.g. the price differentials between crude oils and refined products of different quality
- Use these fundamentals to make price forecasts
The delivery of the Refining Economics course includes many examples based on margin cycles of the past 25 years. These are used to give the participant perspectives on what may happen in the future, given the societal pressures to reduce carbon emissions.
Agenda
Types of refinery configurations based on complexity
– The hydroskimming refinery
– Cracking units most commonly found at refineries with focus on aspects that matter for their margins
Typical yields and margins for refineries of different complexity
– Hydroskimming yields and yields of complex refineries
– Key product price relationships and historical trends
– Refining margins for refineries of different complexity
– The concept of incremental cracking margin
– Recent margin trends, explanation of current fundamentals shaping margins and explanation of past margin cycles
Refining margin calculations
– Prices in weight vs prices in volume
– Refinery operating costs
– Importance o volumetric expansion Main refined products
– Key aspects of product quality and production processes
– Blending operations
– The hydroskimming refinery
– Cracking units most commonly found at refineries with focus on aspects that matter for their margins
Typical yields and margins for refineries of different complexity
– Hydroskimming yields and yields of complex refineries
– Key product price relationships and historical trends
– Refining margins for refineries of different complexity
– The concept of incremental cracking margin
– Recent margin trends, explanation of current fundamentals shaping margins and explanation of past margin cycles
Refining margin calculations
– Prices in weight vs prices in volume
– Refinery operating costs
– Importance o volumetric expansion Main refined products
– Key aspects of product quality and production processes
– Blending operations
Work processes
– The monthly planning cycle
– What is an LP model and what it does?
Optimization cases studies
– The concept of marginal capacity and the optimization of the refinery throughput
– Blending optimization
– How to price intermediates based on their blending value or their refining value
– Swing cuts and optimal routing of streams
Crude oil optimization
– The refining value of crude oils and its importance for setting price differentials
– The crude oil market, spot crude vs formula crude
– Calculating the cost of crude delivered to the refinery
– Optimization of the refinery crude slate with substitution economics
– The monthly planning cycle
– What is an LP model and what it does?
Optimization cases studies
– The concept of marginal capacity and the optimization of the refinery throughput
– Blending optimization
– How to price intermediates based on their blending value or their refining value
– Swing cuts and optimal routing of streams
Crude oil optimization
– The refining value of crude oils and its importance for setting price differentials
– The crude oil market, spot crude vs formula crude
– Calculating the cost of crude delivered to the refinery
– Optimization of the refinery crude slate with substitution economics
The refined products market
– Pricing of products at main market locations
– Setting prices at non-market locations: import parity, export parity, netbacks
– Setting prices along vertically integrated supply chains
– Global trade flows, arbitrage, price differentials across regions
Hedging in refineries
– Main factors of market risk for refineries
– Hedging the refining margin
Refinery competitiveness
– What makes a refinery competitive? What makes it viable in the long term?
– Fixed operating costs and investment requirements
– Nelson complexity
– Benchmarking operating performance and competitiveness with the Solomon Survey
Strategic outlook
– Main strategic issues currently faced by refineries
– The decarbonization challenge
– Strategic perspectives on petrochemicals integration
– Pricing of products at main market locations
– Setting prices at non-market locations: import parity, export parity, netbacks
– Setting prices along vertically integrated supply chains
– Global trade flows, arbitrage, price differentials across regions
Hedging in refineries
– Main factors of market risk for refineries
– Hedging the refining margin
Refinery competitiveness
– What makes a refinery competitive? What makes it viable in the long term?
– Fixed operating costs and investment requirements
– Nelson complexity
– Benchmarking operating performance and competitiveness with the Solomon Survey
Strategic outlook
– Main strategic issues currently faced by refineries
– The decarbonization challenge
– Strategic perspectives on petrochemicals integration
Participants
Production Planning & Optimization Specialists
Refinery Engineers (Process / Technical roles)
Trading & Commercial Professionals (crude oil & oil products)
Strategy & Market Analysis Professionals
Refinery & Operations Managers
Finance Professionals in Oil & Gas
Practical Information
4-day course fee: £3950
Early Bird Price: £3650, available until 8 August 2026
Please note: UK-based companies are subject to 20% UK VAT
Early Bird Price: £3650, available until 8 August 2026
Please note: UK-based companies are subject to 20% UK VAT
Course fee covers:
- Participation in the course
- Course materials in hard copy and e-version
- Lunches and coƯee-breaks during the programme
- 32 CPD credits Internationally Recognised Certificate of the International Business House
– Bank transfer
– Card payment.
– Card payment.
To be confirmed
We provide the convenience of reserving accommodation, which is not part of the
delegate package. For further details, please don’t hesitate to contact us by e-mail
(office@ibhouse.net).
delegate package. For further details, please don’t hesitate to contact us by e-mail
(office@ibhouse.net).
Testimonials
It was a rich experience
"It was a rich experience both from a theoretical and relational point of view. To this is also added the practice with English, as the course was carried out entirely in technical English. Roberto was always available for any clarifications in Italian if we needed them. The topics covered were all interesting and relevant to mywork."
Production & Energy Performance Analysis
SARAS
The whole course was a great experience
"The whole course was a great experience. Roberto is a great teacher, highly experienced and able to explain difficult topics. The visit in Sarroch refinery had high added value, as we could discuss about the configuration of this refinery and maybe compare it with the refinery we work. On the other hand, Elena was very kind and organised this event perfectly."
LP analyst Chemical Engineer
Hellenic Petroleum
Certificate
Demonstrate your new skills and gain a step up in your career with globally recognised CPD certifications.
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- 1-14 days before: 100%.
If you are unable to attend a course, you are welcome to provide a delegate substitution, up to 24 hours prior to the course at no extra charge.
If you wish to transfer to a different course a 10% admin charge will be made if the transfer occurs between 10-29 days before the course.
If you fail to attend the course on which you are booked and have not given prior notice to International Business House then the course fee will remain payable in full.
This cancellation policy is necessary owing to the strict limitation on attendance numbers. IBH reserves the right to amend or cancel any course, course times, dates or published prices. Changes to course prices, times and dates will be advised 30 days before the course
IBH reserves the right to amend or cancel any course, course times, dates or published prices. Changes to course prices, times and dates will be advised before the course start date and any course already paid in full will not be subject to the increased price.
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If you registered with accommodation IBH will also provide you with hotel booking confirmation. For more information about visa procedure please visit our website or call us +44 (0) 207 183 45 07. Should your visa application be declined, we will provide a full refund of the payment.
Please send us to office@ibhouse.net the following information:
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If you registered with accommodation IBH will also provide you with hotel booking confirmation. For more information about visa procedure please visit our website or call us +44 (0) 207 183 45 07. Should your visa application be declined, we will provide a full refund of the payment.
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Roberto
Roberto is an energy professional with over 30 years of experience in the oil industry. His career journey began at Eni’s Livorno Refinery, followed by roles at MW Kellogg, where he oversaw plant commissioning in Nigeria. Roberto’s consulting career took oƯ at Purvinu&Gertz, where he rose to partner status, focusing on downstream oil economics. Later, at IHS and KBC, Roberto led strategic consulting practices, specializing in project feasibility studies and market forecasts. At Saudi Aramco, he played a key role in developing major downstream investment plans and conducting commercial and technical due diligence for acquisitions. Throughout his career, Roberto has developed a deep knowledge of refining economics and broad-based experience, progressively expanding his expertise into petrochemicals. Roberto offers his expertise in refinery economics, market forecasting, and project valuation to organizations worldwide.
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