ERS Refining Economics and Performance

Course information

An introduction:
This course differs from economics courses offered by others in focussing on the economic drivers on which day-to-day and longer term operational decisions are based. It also focuses on understanding refinery margins and making improvements in refinery profitability through operational excellence.​

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Description

There are many facets of refinery economics:

  • Buying crude
  • Marketing and selling products
  • Commercial performance, profitability
  • Market analysis, local, global
  • Investment Efficacy
  • Modes of integration, maximising shareholder value
  • Operational Planning and LP
  • Accounting, cost centres

The ERS Refining Economics and Performance course focuses on understanding refinery margins and making improvements in refinery profitability through operational excellence.
This course differs from economics courses offered by others in focussing on the economic drivers on which day-to-day and longer term operational decisions are based.

Learning Objectives

Upon completion, graduates will be knowledgeable in the fundamentals of refining economics. They will:

  • Have a thorough understanding of the factors that contribute to the marginal value of blendstocks and feedstocks.
  • Understand how streams should be distributed to ensure the optimum economic operation of an oil refinery within the many constraints that affect production.
  • Understand crude oils and other raw materials.
  • Have an overview of the key refinery processes, and critical product qualities and blending methodology.
  • Know the meaning and extent of the economic information that can be obtained from an LP solution.
Who Should Attend

The programme is designed for anyone who is concerned with better understanding refinery economics, and will be especially valuable to:

  • Analysts working in a Supply environment or a refinery Planning department.
  • Engineers involved in troubleshooting and technical service work who need an economic perspective of process unit operation.
  • Personnel from product marketing companies.
  • LP modellers.
  • Service and consulting companies will also find the program very helpful and informative.
Course Presenter

Dr Zoran Milosevic was a Principal Consultant and an oil refinery specialist at KBC Process Technology, where he was responsible for development of KBC technology and services in the refinery energy conservation area. Zoran has 35 years of experience in refinery operation, process design and consulting.

He is a Chemical Engineer from Lehigh University, Pennsylvania (US) and a Fellow of the Institution of Chemical Engineers.

He is also a Teaching Fellow of the Royal Academy of Engineering, and a Visiting Professor at the University of Surrey.

His main professional expertise is the optimisation of process plant operation with emphasis on profitability improvement and energy saving in oil refineries.

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