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Original price was: £3,850.00.Current price is: £3,400.00.

Refining Economics – incl. Sarlux Refinery Visit

12 - 16 May 2025

Cagliari, Italy

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Overview
Agenda
Participants
Instructors
Price
Certificate

This 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 understand 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, blending aspects of the most important refined products, 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 practical exercises to be done in small groups.

The learning objectives of the course are as follow:

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 the most important refined products are produced and blended
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

The delivery of the 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

Day 1: Refinery Configurations and Margins

Types of refinery configurations at different complexity
– The hydroskimming refinery
– Cracking units most commonly found at refineries with focus on aspects that matter for their margins

Representative yields for refineries of different complexity
– Simple yields
– Incremental yields of conversion refineries

Historical margins for different types of refineries
– Overview of refinery operating costs
– Key price trends and price relationships that matter for the margins of different refineries
– Historical margins
– Explanation of past margin cycles

Day 2: Refining Optimization

Overview of short-term planning and optimization work processes

What is an LP model and what it does?

Some examples of refinery optimization
– The concept of marginal capacity and optimum refinery throughput
– Swing cuts and optimization of stream routing

Optimum crude oil selection
– Basic aspects of crude oil quality
– The refining value of crudes
– Optimal crude oil selection based on refining value
– Refining value of crudes
– Crude oil price differentials

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

Product blending

– Blending calculations
– Gasoline production and blending
– Middle distillates production and blending
– Fuel oil production and blending

How to price streams based on their blending value or refining value

The market for refined products

– Main market locations and benchmark prices
– Pricing at non-market locations: import parity, export parity, netbacks
– Distribution into inland markets, gate prices

Hedging

Day 5: Competitiveness and Future Challenges

Performance benchmarking and competitiveness

– Summarize all factors of refinery competitiveness
– Configuration
– Location & Logistics
– Scale and operating costs
– Energy efficiency
– Benchmarking of operating performance and competitiveness with the Solomon survey

The business environment for refining: trends and forecasts
– Examples of how refining fundamentals set margins
– Key aspects of the current and expected business environment for refining
– Where next for refining?

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: £3850
Early bird price: £3400 (available until 14 February 2025)

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

Clear

*Special group enrolment pricing

Olga Akhramovich
Project Coordinator
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Refining Economics – incl. Sarlux Refinery Visit