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DAY ONE: Monday 21 March
Introduction and Objectives
Economic environment
- Economic growth and energy demand
- Historical oil demand and projections
- Regional product demand influences
- Historical refining margins
- Key product specifications trends
- Pricing trends
Crude Oil
- Classification methods
- Assay techniques
- Assay interpretation
Crude Oil Evaluation
- Refinery configurations
- Crude oil valuation (gross product worth)
- Transportation issues
- Crude oil valuation exercise
DAY TWO: Thursday 22 March
Refinery Processes
- Atmospheric and vacuum distillation – technology, modes of operation, economics
- Catalytic reforming – technology, octane vs yield, by-product value, economics
- Catalytic cracking – yields, gasoline vs distillate, economics
- Hydrocracking – yields, modes of operation, economics
- Coking – yields, economics
- Isomerisation, alkylation, bitumen, lube oils, sulphur
Product Blending
- Gasoline – specifications, critical qualities, blending techniques and costs
- Gasoline blending exercise
- Fuel oil – specifications, critical qualities, blending techniques and costs
- Fuel oil blending exercise
- Middle distillate blending – specifications, critical qualities, blending techniques and costs
- Middle distillate blending exercise
- Inventory control
- Stream valuation
- Introduction to linear programming
Energy and other cost factors
- Energy efficiency
- Economies of scale
- Other costs
DAY THREE: Friday 23 March
Price Hedging
- Oil futures
- Crack spreads
- Options
- Swaps
- Contracts for differences (CFDs)
- Price hedging exercise
Scheduling and Planning
- Long/short range planning
- Strategic planning
- Price/demand forecasting
- Operations planning
- Make-or-buy decisions
- Inventory control and seasonality
- Target setting – throughput, yield, product giveaway
- Investment analysis
- Refinery investment exercise
- Refinery scheduling exercise
