This course provides a complete view of all the fundamental aspects and challenges of the economic framework in which the refining industry is evolving.
Public :
Technical, operating and engineering personnel working in the refining industry, trading and commercial specialists, independent consultants, process licensors, catalyst manufacturers and refining subcontractors.
Level :Knowledge
Prerequisite :
Basic notions of oil chain and Microsoft Excel.
Course Content
TECHNICAL OVERVIEW
-
Duration : 0.25 Day
Brief technical presentation of the main refining units: distillation, conversion, blending, etc.
Refinery scheme evolution.
OIL MARKETS & TRADING
-
Duration : 0.25 Day
Oil supply and demand fundamentals and evolution.
Petroleum physical trading (spot, forward).
Crude oil and petroleum product pricing: benchmark, quality differential, etc.
Financial trading (futures) and hedging strategies for a refiner.
REFINING CONTEXT
-
Duration : 0.5 Day
World petroleum product demand.
Refining supply: overcapacity, types and quantity.
Main challenges: deep conversion, new product specifications, petrochemical integration, environment, etc.
Projects and perspectives.
REFINING MARGINS & COSTS
-
Duration : 1 Day
Refinery margins and costs: definitions and evolution worldwide.
Unit margins and intermediate product valuation.
Case studies: crude oil arbitrage, Fluid Catalytic Cracking (FCC) unit margin.
REFINERY BLENDING SIMULATION
-
Duration : 0.5 Day
Case study: managing the blending operation of a refinery taking into account the economic and technical (product specifications, capacities, etc.) constraints.
OPTIMIZATION OF REFINING OPERATIONS - LINEAR PROGRAMMING
-
Duration : 1 Day
Linear programming (LP) principles: linear equation, objective function, profit maximization or cost minimization, Simplex method, graphic interpretation, etc.
Analysis of the LP results: optimum properties, marginal costs, domain of validity of the results, etc.
Case study on Excel: explanation of a refinery model matrix (material balances, product specifications, utilities consumption, objective function, etc.); team work on the optimization of a cracking refinery and on the result analysis.
OPTIMIZATION OF REFINERY OPERATIONS - SCHEDULING
-
Duration : 0.5 Day
Principles of refining management: constraints, operational organization.
Monthly program to daily operations.
Optimization of margins from different process units.
Case study: management of typical sequential constraints (delays, processing problems, etc.).
INVESTMENT PROFITABILITY STUDIES
-
Duration : 1 Day
Value creation and capital cost, cash flows, discounting principle and inflation impact.
Standard global profitability analysis: cash flow schedule, economic criteria (net present value, internal rate of return, etc.).
Introduction to risk analysis.
Exercises on various investment profitability studies for refineries and petrochemical plants.
Learning Objectives
Attendees will be able to implement the following skills:
Calculate product marginal value, refinery margins and process unit margins,
Simulate refinery operations and product blending,
Analyze the result of a linear programming model optimization,
Evaluate project profitability.
Ways & Means
Case studies and exercises derived from present refinery situations.
Economic optimization using Excel.
Quiz.
Learning assessment
Participants will be evaluated during the training through exercises and case studies.
More
Coordinator :In-house or contracted IFP Training trainers having expertise and experience in refining sector.
To French entities : IFP Training is referenced to DataDock ; you may contact your OPCO about potential funding.
Please contact our disabled persons referent to check the accessibility of this training program : referent.handicap@ifptraining.com
IFPT Account
