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£3,995.00

Refining Economics | visit to Sarlux Refinery

11 - 15 May 2026

Cagliari, Italy

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Overview
Agenda
Participants
Instructors
Price
Certificate

This course is designed to give a baseline understanding of refining economics both from the standpoint of how industry fundamentals set prices and margins (the external environment) and how refineries plan their operations to maximize their earnings (the internal environment).

The course seeks to simplify technical aspects and can be followed by participants who are not refinery specialists. Since a basic understanding of refinery operations remains advantageous, pre-read material is sent to bridge the gap.

The course takes on many topics that require the application of economic concepts. This includes an explanation of refining margins for refineries of different complexity, the main aspects of planning and optimization, blending of products and how to set the prices of intermediate streams based on blending economics.

Commercial aspects covered by the course include an explanation of key aspects of the market for crude oil and for refined products. Crude oil supply agreements and refined product sales agreements are explained with specific emphasis on how prices are set in those contracts and an explanation of how market fundamentals shape crude oil price differentials. Global trade flows, inter-regional prices and arbitrage are also explained in this context. This part of the programme is wrapped up with a basic explanation of hedging.

A third and final part of the course explains all the most important factors of competitive advantage in refining. Finally, the course provides an overview of future challenges of strategic importance.

The delivery makes continual links between the external and the internal environment, explaining how the optimization choices that are made by refineries influence market prices and how refineries in turn react to changing price relationships.

The course includes practical exercises to be done in small groups.

Trusted by Our Customers:

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 EngineerHellenic Petroleum

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 my work.

Specialist / Production & Energy Performance AnalysisSaras

The learning objectives of the course are as follow:

Understand which aspects of refining have the highest relevance for margins and for competitive positioning
Understand the margins of refineries of different complexity
Understand key aspects of refinery optimization
Learn about blending, blending values and product give away analysis
Learn how crude and product prices are set in contracts
Learn price and margin hedging at a basic level
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

The material makes large use of historical market data to explain the prices and margin cycles of the last 25 years. The history of the industry is used to make many examples in support of the explanation of several concepts. The history of the industry is used also as a way to give participants a framework to predict what may happen in the future, given the societal pressures to reduce carbon emissions. As a final exercise, participants are asked to make their own forecasts.

Agenda

Day 1: Refinery Configurations and Margins

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
– The importance of volumetric expansion

Day 2: Refining Optimization

Overview of short-term planning and optimization work processes

What is an LP model and what it does?

Main aspects of refinery optimization
– The concept of marginal capacity and optimum refinery throughput
– Blending and blending optimization
– Swing cuts and optimal routing of streams

Retrospective performance analysis and quality give away analysis

The crude oil market and crude slate optimization
– The refining value of crudes and how it determines price differentials in the marketplace
– Term crude vs spot crude and how prices are set in crude oil purchase agreements
– Tanker costs and how to calculate the delivered cost of crude
– Optimal crude oil selection

Global crude oil trade patterns

Day 3: Technical Visit to the Sarroch Refinery (Saras Group)

Sarroch Refinery is one of the biggest in Europe (largest single-site in the Mediterranean) and one of the most advanced in terms of plant complexity. The refinery has a large crude oil processing flexibility and has processed crude oils from more than 30 countries worldwide, ranging from very light to very heavy. Its location makes it to be at the hearth of the Mediterranean market.

During the visit the participants will:

– Have a general tour of the site
– Learn about Sarroch refinery configuration
– Get information about main aspects of its logistics
– Talk about a planning process

Day 4: Refined Products and Hedging

The market for refined products
– Main market locations and benchmark prices
– Main aspects of refined product supply agreements
– Setting product prices in contracts
– Pricing products at non-market locations: import parity, export parity, netbacks
– Product distribution and pricing products along supply chains

Pricing gasoline components and residues based on blending values

Global refined products trade patters and arbitrage

Hedging exposure to price volatility and refining margins

Day 5: Competitiveness and Future Challenges

Benchmarking operating performance and competitiveness with the Solomon survey

Summary and relative importance of the main factors of refinery competitiveness
– Configuration
– Location & Logistics
– Scale and operating costs
– Energy efficiency

The Nelson Complexity Index

The business environment for refining:
– Short term outlook: likely or possible developments of key aspects of the current business environment discussed in the course
– Trends of highest strategic importance in the long term and possible scenarios
– Making your own forecast

Participants will benefit from the training as follows:

People of any organization or education that have limited knowledge of refining and would like to learn about the techno-economics of refining
Recent hires into refining organizations who would like to accelerate their learning of economics and business aspects of refining
People who have taken new roles and need to learn about refining.

Instructors

Instructor

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 off at Purvin&Gertz, where he rose to partner status, focusing on downstream oil economics.

Later, at IHS and KBC, Roberto led strategic consulting practices, specialising 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 deep knowledge of refining economics and a broad-based experience, progressively expanding his expertise into petrochemicals. Roberto offers his expertise in refinery economics, market forecasting, and project valuation to organisations worldwide.

Price

Course price

The Refining Economics course fee: £3995

Please note: UK-based companies are subject to 20% UK VAT

What’s included?

– Participation in the course
– Technical visit to the Sarroch Refinery
– Lunches and coffee breaks during the programme
– The course materials in hard copy and E-version
– Industry certificate of International Business House

Payment options

Payment options are available in two forms: bank transfer and card payment.

Course Venue

Cagliari, Italy

Certificate

Upon successful completion of this online training course, a personalised CPD certificate with the duration of the learning activity undertaken, will be issued by the CPD Certification Service as conforming to universally accepted Continuing Professional Development (CPD) guidelines

Available Locations

Course Date

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*Special group enrolment pricing
UK-based companies are subject to 20% UK VAT

Olga Akhramovich
Project Coordinator
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