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Oil Markets, Refining and Refinery Economics - London

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One-day course by IHS Markit, Chemical and Energy Training

This is a 1-day interactive course with competitive and engaging training exercises, designed for participants operating in the financial industry who would like to learn more about the fundamentals of oil markets, trading, and refining and refinery economics. Topics will be covered at a high level and no prior technical or chemistry knowledge is required to attend!

The day will be interspersed with regular exercises and competitive tasks designed so that participants can appreciate some of the complexities and challenges facing the industry, while remaining light hearted.

This workshop precedes a 3 day Understanding the Global Petrochemical Industry course, which can either be combined with the Oil Markets, Refining and Refinery Economics workshop, or be taken as a standalone course.

Crude Oils

There are thousands of crude oils pulled out of the ground from all over the world and no two are alike. This course will provide an overview of the key qualities of crude oil which impact value and how to assess the value of a crude.

The course will review the main producers of crude by quality type, the key crude trade flows and how these are changing.

The course will also cover how crude oil is traded, the key trading locations, why benchmarks are used in crude trading and which benchmark grades are used.

Refined Products

The course will cover the most significant finished refined products (gasoline, jet, diesel, gasoil and fuel oil), how these are manufactured/blended on a refinery, the key specifications/qualities of each.

The course will also review products sold for further processing, for example petchems feedstocks – LPG, naphtha and propylene. How these are made, the key qualities of each and how these qualities are impacts by refinery operation and refinery feedstock.

The course will also review how the products are priced and traded, CIF and FOB pricing and why this is important for refiners as well as briefly looking at hedging and the use of futures markets.

Refinery Technology

The course will review the different types of generic refinery process (separation, treating, conversion and transformation), the key technologies of each, the generic types of oil refinery (topping, hydroskimming, cracking and upgrading), typical yields, how both refinery technology and crude selection affect refinery yield and profit.

The course will also cover refinery complexity calculation, what this means and why it a useful benchmark and refinery optimization – the decisions that refiners have to make.

Refinery Economics

The course will cover refinery margin calculations (gross, variable and net), how to calculate these and why it is important to be consistent.

It will review how refinery location impacts profitability, the distance to the source of supply and product demand, product distribution, netback calculations and refinery competitiveness.

Industry Trends

The course will finish up by looking at refining industry trends and challenges by region. Which regions are adding capacity, in which regions are being impacts by falling demand and specification changes, how competitiveness is different?

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