Economics of Refining and Oil Quality

This course opens the Refinery ’Black Box‘ and explains the capabilities and constraints of each main process, enabling delegates to be more effective in their jobs. Crude oil selection and the effects of crude quality on key properties of both intermediates and finished products are explored. The value and opportunities presented by quality slacks are identified.

Delegates will discover the key trading profit opportunities through a Processing Deal that has recently been agreed at one of Invincible’s fictional refineries. The Deal not only has the advantage of enabling this highly flexible complex refinery to run at near capacity, but also highlights how the capabilities of its hardware and the qualities of its product pools generate opportunities for making additional profits.

It is the delegate’s ability to identify, evaluate and fully exploit these opportunities that enables additional gains to be realised. Emphasis is placed on the interface between refinery activity and international oil trading.

As with all Invincible training, the course will consist of a mixture of formal lectures, exercises and plays demonstrating the main commercial aspects of the refining/oil trading interface.

The work on a number of exercises is performed in syndicates, with comprehensive debriefs studying the consequences of the decisions made. The course expects a high degree of participation from delegates and there is a high staff-to-pupil ratio.