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Refining Economics

April - April 2025

Dubai, UAE

Introduction
Agenda
Participants
Instructors
Price
Certificate

Introduction

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 learning objectives

• 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

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: Optimization and refining value of streams

What is an LP model and what it does?

The concept of marginal capacity and optimum refinery throughput

Swing cuts and optimum stream routing

Blending and blending calculations

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

Day 3: Crude Oils, Refined Products and Business Environment

The crude oil market:
• Basic aspects of crude oil quality
• The refining value of crudes
• Optimal crude oil selection based on refining value
• Refining value of crudes and crude oil price relationships

The refined product market:
• Pricing of products, netbacks
• Main market locations and benchmark prices
• Pricing at non-market locations: import parity, export parity, netbacks
• Distribution into inland markets and gate prices
• Pricing non-standard products based on refining value of streams

Performance Benchmarking and Competitiveness
• Summarize all factors of refinery competitiveness
• Configuration
• Location & Logistics
• Scale and operating costs
• Energy efficiency
• Benchmarking operating performance and competitiveness with the Solomon Survey

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

Who will benefit from the training:

Those who are at an early stage in their need to apply concepts of refining economics will further their knowledge and understanding
Those who already apply concepts of refining economics to specific purposes will gain a broader perspective

Instructors

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 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, 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.a

Price

Course price

The Refining Economics course fee: £3250
Early bird rate of £2950 is available

What’s included?

– Participation in the Refining Economics course
– 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

The Refining Economics course will be held at the Movenpick Hotel Jumierah beach, offering a convenient venue for all participants.

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
+442071834507
olga.akhramovich@ibhouse.net

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If you notify International Business House in writing or via email up to 30 days before the start date of the course, you will receive a full refund less an administration fee of 100£ of the course fee. In addition if you are unable to attend, the following cancellation charges will apply for written notice received: 14-29 days before the course: 50%. 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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